Animoca Brands led Web3’s virtual identity network NFT3s to complete the seed investment round, bagging a total sum of $7.5million. The founding round investors included investment leaders and venture capitalists such as US health care company Prometheus Labs, Digital Finance Group, and crypto fund investment company LD Capital also participated in the round.
Web3’s Chief Executive Officer Dylan Dewdney disclosed to Cryptoslate that the funds generated will be well maximized in developing its decentralized system and integrated into NFTs.
Web3 To Have A Unified Identity
The verification of identities has always proven to be a huge challenge for the cryptocurrency space, and the introduction of the metaverse is not making any easy but thanks to NFT3 that is on the verge of breaking the jinx by trying to create the industry’s first-ever centralized identity framework for the global blockchain system.
Metaverse will now accept personalized monetization as NFT3’s Decentralized Identities (DIDs) is working in collaboration with Credit networks to give users unique identities across the various Web3 app strata. This solution will also allow DIDs to validate airdropping as wallet addresses generated automatically by bots will be solved. Multiple platforms will now create airdrop tokens across all verified users.
Thanks to Animoca gaming tech company, having years of experience investing in tech startups like Sandbox, open sea, Cryptokitties, Decentraland, and Axie Infinity, it invested $7.5million for this project.
Animoca Brands CEO and Co-founder Yat Siu, in a press release, asserted that NFT3 has credible set the foundation for Web3 to have a unified identity layer. He also mentioned that the platform would give the data of those with vested interest value in various platforms such as gamified platforms and metaverse alike.
DIDs Still at Their Preliminary Stage
The decentralized identities (DIDs) of NFTs will be the most viable product serving as the driver for widespread adoption of all Web3 offerings and its platform accordingly. NFT3’s CEO, Dylan Dewdney, disclosed this. He also mentioned that the product was still at its preliminary stage and would have to overcome many oppositions to gain ground.
He stated in an interview that the Decentralized Identities just emerged as the temporary standard. Its adoption is still a bit shaky as it is currently in the protocol phase and won’t be as user friendly as it ought to be. Compared with ENS, it is less system complex, and the only major obstacle is perfecting the system.
He further stated that the most credible way to make the DIDs a lot more conventional is to engage them in several protocols existing and pair them with Non-fungible tokens. He said this will for sure allow the Decentralized Identities to tap into the same profit and advantages non-fungible tokens have in terms of credibility and stakes.
He added that worthy of note is that the system will soon experience a massive financial boom and engagement as soon as the primo community using NFT3 Decentralized Identities begin to see tangible results going to have significant traction.