NFT3 Raises US$7.5 Million Led by Animoca Brands, Signaling Decentralized Identity Technology and NFTs as Gateway to the Metaverse

NFT3 announced today the successful closure of a US$7.5 million seed round investment led by Animoca Brands along with LD Capital, Prometheus Labs Ventures, DFG Group, LVT Capital, Shima Capital, Digital Strategies, ZMT Capital, Tenzor Capital, Double Peak Group, CMS Holdings, GenBlock Capital, Ankr Network and Ellipti.

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NFT3 is building the first Unified Decentralized Identity (DID) and Credit Network for Web3 which acts as a unified identity across all Web3 application layers and a pathway toward enabling personal monetization in the emerging Metaverse. It features a novel credit scoring system for Web3 with NCredit, which is an identity graph for the Metaverse. The first major use case roll-out will be validated airdropping — users will be able to receive a myriad of airdrops from partner projects just by having a NFT3 account with an activated DID.

Decentralized Identity via NFT3 will solve the long-standing problem of bot-generated wallet address spoofing. Projects and platforms can now ensure they airdrop to real users, while also allowing insight into valuable on-chain metadata.

Animoca Brands led the seed round, signaling a strong belief in the fundamental tech behind NFT3 by utilizing NFTs as an adoptive vehicle for DID technology that all of Web3, GameFi and emerging Metaverses need.

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Yat Siu, Executive Chairman and Co-Founder of Animoca Brands commented, “NFTs have become the cornerstones of identity in Web3 and are an important component of the metaverse. By incorporating decentralized identifiers into NFTs, NFT3 has laid the groundwork for a unified identity layer where the accrued history and actions of individuals can have a value across platforms, metaverses, and game contexts.”

NFT3 is spearheaded by CEO Dylan Dewdney, a longtime crypto enthusiast and builder since 2011 and founder of Kylin Network. He is thrilled about the competition of the raise and states: “There is only one way to unify an individual’s experience within a Web3 or Metaverse context, and it isn’t at the platform level, but at the identity level. My experience with Kylin Network was to create the infrastructure for DeData operationalization and monetization but we needed a common, portable (Web2 or Web3) identity referent for individuals and organizations to use. NFT3 as a DID-wrapped NFT becomes an individual’s gateway to the metaverse. It’s going to be a product driving mass adoption of all Web3 products and platforms.”

NFT3 has high aspirations when it comes to cracking the holy grail for Web3 products: mass adoption.

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