We’re very excited to share our investment in tokenproof, a smart solution that enables NFT holders to prove ownership of their tokens without connecting or even carrying their wallets. We’re leading their $5M Seed round alongside a great group of partners, including Corazon Capital, 6th Man Ventures, Canonical Capital, Mark Cuban, and Patricio Worthalter.
The growth of Web3, and NFTs in particular, has been explosive over the last 18 months. An incredible cadence of creativity and innovation has sprung forth, which has also led to several key challenges. At the top of the list is security, namely protecting valuable assets.
Unfortunately, as with any burgeoning industry, Web3 has attracted its fair share of hackers and scammers. Given the amount of money transferring hands, hacks, exploits, and scams have become pervasive in the space, with countless stories of high-value assets being lost when trying to prove ownership of tokens / NFTs for claims and purchases. As a result, people are wary of connecting their wallets to third-party services, which limits the utility of NFTs and other assets in Web3. People need a more seamless on-ramp and greater security in order for Web3 to reach its full potential.
When we first met tokenproof in April this year, we quickly realized they were building something special. In the weeks that followed, what Fonz Olvera and team (Ramón Torres Bátiz, Diana Solares, Peyton Smith, Jonathan Scheiner and more) achieved at NFT NYC was incredibly impressive. In a matter of months, they solved a massive Web3 problem and became the go-to platform to prove ownership of NFTs and access IRL events safely. Including a landmark partnership with Yuga Labs for ApeFest 2022, tokenproof supported over 75 events during NFT NYC.
Though it’s only the beginning for the team at tokenproof, they have started to build a name for themselves as the safest and most secure way to prove ownership in Web3. With major brands like Starbucks, Adidas, Bentley, and Etihad Airlines announcing their desire to bring better experiences and more utility to their customers, it’s clear there is a movement towards unlocking the true potential of Web3 and NFTs. Even the city of Miami is launching an NFT in partnership with TIME, Mastercard, and Salesforce. But to make these visions a reality, brands need the tools to properly on-ramp and protect their customers. tokenproof is creating the critical solutions that will enable brands to deliver on their Web3 aspirations safely and efficiently. We are proud to partner with tokenproof and look forward to working with them every step of the way.
If you’re interested in learning more about tokenproof and how they minimize risk while maximizing utility, you can learn more at tokenproof.xyz.