Originally posted on NewsBTC.
The capital raise will go towards the launch of a host of upcoming product offerings including a provable mark of authenticity for NFTs and tokenized assets.
Web 3 infrastructure protocol, Wakweli, which aims to certify the authenticity of NFTs and tokenized assets, announced the successful completion of its seed funding round, welcoming $1.1 million from a host of investors. The funding was led by Summit, a blockchain and crypto investment firm, alongside several prominent blockchain VCs such as Funfair Ventures and several angel investors. The latest round of investment will help Wakweli towards achieving its vision of democratizing the tokenized asset market via its decentralized consensus algorithm, Proof-of-Democracy (PoD).
The funding will be used mainly for product development, including a community-driven core protocol that verifies and checkmarks tokenized assets, giving them a provable mark of authenticity. Additionally, the ‘checkmark’ will help NFT marketplaces, buyers, and sellers to distinguish authentic assets from any counterfeits or duplicated assets on multiple platforms, adding to the trust of blockchain asset transfers.
Speaking on the latest funding, Wakweli Co-Founder and CEO Shaban Shaame showed his excitement and thrill on onboarding new investors and partners to “increase trust in the web3 ecosystem”.
“Collaborating with partners who share the same values and aspirations allows us to work towards a common goal to build a better future through innovation and trust,” Shaban added. “We appreciate the confidence our partners have placed in Wakweli and are excited to start this journey together.”
According to predictions by the global consulting firm, Boston Consultancy Group (BCG), asset tokenization is set to become a $16.1 trillion market by 2030, hence the need for authenticity to protect the trust of owners. Despite the predictions and the mega-growth of NFTs as a means of proving asset ownership, scams and cases of copyright infringement offer a tough headache to asset owners.
These are part of the problems Wakweli aims to solve with its decentralized certification platform. By ensuring the authenticity and uniqueness of tokenized assets i.e assets are represented by a unique token across the cryptosphere, the buyer can be sure they are buying the authentic asset.
“The problem Wakweli is solving is very real and needs addressing, it is a critical part of web3’s journey to mass adoption,” FunFair Ventures COO Lloyd Purser said. “The team is hugely experienced and passionate and has shown great trajectory, and we firmly believe that Wakweli will be a key enabler in the growing use of web3 technology in the years ahead.”
Via its proof-of-democracy consensus algorithm, Wakweli certifies the authenticity of any tokenized asset. Once a tokenized asset has been verified, it gains a Wakweli certificate, ensuring the digital representation of the asset (off-chain or on-chain) is unique and genuine and that the same asset is not being represented by multiple tokens on multiple platforms.
According to Mathieu Vincent, CEO of Summit Mining and Summit Gravity, the partnership with Wakweli will introduce “new, innovative solutions built on the blockchain” that will help crypto and the NFT ecosystem to “grow to the point where this universe will become obvious to everyone”.
“We are delighted and proud to be able to contribute to web3 development through ambitious startups that build projects such as Wakweli,” he added.