Thursday, September 29, 2022
HomeMetaverseItheum receives funding from the Elrond Foundation and Mechanism Capital

Itheum receives funding from the Elrond Foundation and Mechanism Capital

Elrond, Mechanism Capital, and other key crypto and blockchain investors have invested in Itheum. Several major VCs and investors have contributed to the data brokerage effort for Web3 development.

Itheum receives funding from the Elrond Foundation and Mechanism Capital

The Elrond Foundation, Mechanism Capital, Ascensive Assets, Woodstock, Skynet EGLD Capital, ZBS Capital, MHC Digital Finance, and Spark Digital Finance all contributed to the additional funds. Itheum has now acquired $4 million in funding, allowing the team to push the frontiers of how personal data may be owned and sold in the Metaverse.

 

Itheum’s founder Mark Paul said that their web3 data technology is proving to be a unique value proposition for a decentralized open metaverse. Morningstar Ventures CEO Danilo Carlucci stated, “We are delighted about this new set of fresh investors that will help us support Itheum long term. The NFMe-ID NFT technology is used to convert data into assets, creating “soulbound” Data Avatars for usage in the Metaverse. 

Itheum’s go-to-market strategy in the highly hyped web3 gaming industry is also generating a lot of buzz, as they use their NFMe-ID avatar technology to create “player passports” that allow millions of gamers all over the world to own their player data and earn new money through an exciting “share-data-to-earn” dynamic.

More significantly, NFMe-ID technology is a critical driver of Metaverse end-user adoption. Simultaneously, it allows data consumers to obtain more useful and precise data sets at lower rates, bringing Web3 users and data consumers closer together.

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