Animoca Brands led a $7.5 million seed investment round for NFT3, a virtual identity network for Web3. A dozen more prominent investors joined the round, including DFG Group, CMS Holdings, LD Capital, and Prometheus Labs Ventures.
According to CEO Dylan Dewdney, the platform will use the funds to further develop its decentralised identification solutions and connect them in a creative way with NFTs. The issue of authenticating identities has long plagued the crypto industry, and the rise of metaverses has further exacerbated the problem. NFT3 is a platform that aims to solve this problem by establishing the first universal Web3 identity network.
NFT3’s Unified Decentralized Identify (DID) and Credit Network will give users identity across all Web3 application layers and allow them to monetize their personal data in the metaverse. Validated airdropping will be the first major use for NFT3’s products. NFT3’s Decentralized Identities (DIDs) will resolve the long-standing issue of bot-generated wallet address spoofing, allowing projects and platforms to only distribute tokens to genuine people.
NFT3 has laid the framework for a uniform identity layer in Web3, according to Yat Siu, CEO and co-founder of Animoca Brands. According to the company’s press release, the platform will deliver value to individuals’ accumulated history and behaviours across platforms, metaverses, and game contexts.
That’s all from NFT3 for now. Have a productive day, reader.
