CRYPTO NEWS & DATA SPACE

CRYPTO NEWS & DATA SPACE

tokenproof Raises $5M in Seed Funding

Published on:

tokenproof, an easy and secure way to unlock the value of Non-Fungible Tokens, raises $5M in a seed funding round led by Penny Jar Capital. 

tokenproof raises $5M in a seed funding round with participation from Corazon Capital, 6th Man Ventures, Canonical Crypto, and prominent angels including Sebastien BorgetMark CubanKeith Grossman, and Patricio Worthalter.

Overview of tokenProof

The platform lets owners enjoy the benefits of their NFTs without putting them at risk, while also making it easy for companies to leverage tokens as an extension of their brand – whether in the real world or online.

With an increasing number of big brands entering the space, the NFT market is expected to grow by $147B over the next five years, according to a July 2022 report from Technavio. However, using NFTs comes with substantial risks for users, and logistical challenges for brands. That’s because to unlock the value of an NFT, a user typically has to connect their digital wallet to use their tokens, exposing not just the required NFT, but all other assets in the wallet. tokenproof removes this risk by creating credentials that serve as proof of ownership of a digital wallet and its assets.

Management Quote

“Eliminating the unnecessary risk of connecting or carrying a digital wallet is crucial for mainstream use of NFTs,” said Alfonso (Fonz) Olvera, Founder and CEO of tokenproof. “We are dedicate to delivering the security and privacy users deserve while making it seamless for companies to unlock the possibilities of NFTs and connect with people in compelling and creative ways.”

After a one-time verification of a user’s digital wallet, tokenproof issues a proof of ownership credential, while the actual wallet remains securely disconnected. The tokenproof mobile app creates dynamic QR codes to authenticate and unlock the value of NFTs; whether that’s access to an invite-only event, a membership benefit, or a retail experience – in the real world or online. Companies using tokenproof for verification can customize the experience with flexible authentication rules, such as VIP access, discounts, or exclusive content.

At this year’s NFT NYC, the leading non-fungible token conference, tokenproof powered over 75 events, including the Bored Ape Yacht Club’s ApeFest, delivering a frictionless experience for both attendees and hosting companies, and establishing tokenproof as the go-to ticketing solution in Web3.

“The tokenproof team were amazing partners and a joy to work with,” said Kerem Atalay (EmperorTomatoKetchup), co-founder of Yuga Labs. “Stoked to see where they’re headed from here and can’t wait to work with them again.”

About the Raised Fund

The funding follows the company’s success at both physical and virtual events and will fuel the expansion of additional use cases for NFT verification, including online services, and retail experiences.

“We believe NFTs will transform how brands connect with customers, but only with seamless on-ramping and greater security,” said Bryant Barr, co-founder of Penny Jar Capital. “Fonz and team are solving this massive Web3 problem by creating a safe way to realize the value and benefits of NFT ownership.”

About tokenproof

tokenproof is an easy and secure way to realize the value of Non-Fungible Tokens (NFTs) online and in the real world. Founded in 2022, tokenproof lets users enjoy the benefits of NFT ownership in a secure way that respects privacy, while also making it easy for brands to leverage tokens as an extension of their brand – whether that’s accessing exclusive events, retail experiences, online services, membership benefits, or more.

Website | Twitter

SOURCE

https://www.prnewswire.com/news-releases/tokenproof-raises-5m-in-seed-funding-led-by-penny-jar-capital-to-bring-safety–utility-to-nfts-301614711.html

REQUEST AN ARTICLE

 

Related

Stay Up to Date with Us

Market Stats:
BTC Dominance: 40.04%(-0.14%/24h)
ETH Dominance: 17.29%(+0.10%/24h)
Defi Market Cap: $44.03B(+5.28%/24h)
Total Market Cap: $965.03B(+0.62%/24h)
Total Trading Volume 24h: $60.93B(+7.42%/24h)
ETH Market Cap: $164.46B
Defi to ETH Ratio: 26.77%
Defi Dominance: 4.38%
Altcoin Market Cap: $578.61B
Altcoin Volume 24h: $24.84B
Total Cryptocurrencies: 21220
Active Cryptocurrencies: 9468
Active Market Pairs: 58740
Active Exchanges: 527
Total Exchanges: 3797