The typically complicated procedure for onboarding new users to Web3 might have just be a bit simpler: US-based startup ReDeem states have simplified this method by permitting users to have interaction with non-fungible tokens (NFTs) via their phone figures.
The startup elevated $2.5 million in pre-seed funding brought by digital asset-focused investment firm Kenetic Capital, with participation from Monochrome Capital, VC3 DAO, The Fund, Flyover Capital, CMT Digital, KCRise Fund, and KESTREL0x1, Axios reported. It’ll make use of the funds to carry on building its core technology as well as for its affiliate marketing looking for Q2.
Redeem is really a company that gives Web3 technology that allows users to transmit and redeem NFTs utilizing their phone figures.
Users can link any crypto wallet on any network for their phone figures which in turn permits them to scan a QR code to redeem utility NFTs for example tickets, loyalty points, in-game products, etc.
They may also receive and send NFTs through SMS, Apple’s iMessage, or WhatsApp, without getting to pay for gas charges or know an exterior wallet address.
Redeem founder Candice Hurry stated that for that startup, “everything is one of the telephone number,” adding that via this process, an individual is related to some wallet with an existing verification system.
“Another awesome factor about making use of your telephone number is you instantly eliminate all bots and effectively eliminate just about all fraud,” Hurry stated.
Also, he noted that it’s generally very difficult to onboard users to gather NFTs and really rely on them. Redeem, the web site argues. links digital assets to something users know, not requiring these to learn new systems or change behaviors. Users can “access everything, all wallets, all worlds, all that’s necessary” – including eCommerce, metaverse, and gaming – with one telephone number.
Kenetic Capital Founder Jehan Chu was quoted as stating that “adoption may be the Ultimate Goal of Web3,” which Redeem’s core features allow users to gain access to Web3 without any crypto or blockchain understanding.
Chu contended that,
“This can be a game-changer for traditional enterprise companies who wish to reduce cost and drive new user engagement via Web3 without complicated or dangerous crypto processes.”
Meanwhile, Hurry also founded the biometric ID verification firm EyeVerify, that was acquired for $100 million in 2016 by Ant Group, Alibaba’s financial services arm. Hurry brought the Worldwide Technology investments Team for Ant Group, and just before that, he was Chief executive officer of ZOLOZ, an Alibaba digital identity platform that started out EyeVerify.
Kenny Conklin II is co-founder and COO at Redeem. Per the web site, he was formerly obama from the crypto market maker Analytico Buying and selling, the COO of family investment office AzimuthZero, President and COO of Farmobile, an agtech startup that offered to AGI, and SVP of BATS Global Markets, a worldwide stock market operator that offered to CBOE.
“I really like creating new user encounters that surprise and delight while hiding the complexness from the technology,” stated Hurry. “The opportunity to create, engage, and own assets outdoors the standard walled gardens — like Apple or Google or Ticketmaster — while retaining trust may be the greatest commitment of Web3. To understand the strength of this latest technology, we must allow it to be approachable and familiar towards the masses,” he concluded.
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