• Wakweli, a web3 infrastructure protocol, has raised $1.1 million in its seed funding round.
• The funds will enable Wakweli to roll out its product offerings including a decentralized consensus algorithm called Proof-of-Democracy (PoD).
• The startup is aiming to become the reference of trust for the decentralized ecosystem for preserving the market integrity of tokenized assets.
Wakweli Raises Funds
Wakweli, a Web3 infrastructure protocol that issues NFT authenticity certificates, has closed and announced that it succeeded in rising $1.1 million in its seed funding round. Several investment firms including Summit, Funfair Ventures, several business angles, and dozens of early investors participated in the funding round, showing confidence in the protocol’s objectives.
Product Offerings
Wakweli was founded in 2021 with the aim of becoming the reference of trust for the decentralized ecosystem for preserving the market integrity of tokenized assets. It launched its website, whitepaper, and Alpha version of its protocol in 2022 and aims at creating a dedicated foundation this year to manage and encourage projects to build on its layers and also applies for token grants distributed by its on-chain treasury.
NFT Scams & Copyright Infringement
Since it was founded, Wakweli has worked to try to solve issues with NFT scams and cases of copyright infringement which have become very rampant within the crypto sphere. A recent report by global consulting firm BCG predicts that asset tokenisation will expand into a $16.1 trillion industry by 2030 meaning authenticity will likely remain a hot topic for many years to come.
FunFair Ventures COO Praise
FunFair Ventures COO Lloyd Purser praised Wakweli’s principal use case stating: „The problem Wakweli is solving is very real and needs addressing; it is a critical part of web3’s journey to mass adoption.“ He further added that „the team is hugely experienced and passionate“ and strongly believes „that Wakweli will be a key enabler in growing use of web3 technology“.
Conclusion
In conclusion, Wakweli has been able to raise sufficient funds necessary for rolling out their product offerings which addresses various problems related to NFTs such as scams & copyright infringement while paving way for secure authentication methods within blockchain networks as asset tokenization continues to grow rapidly over time.
