Hello, egamers! Wakweli, a Web3 infrastructure protocol that issues certificates of authenticity of NFTs, has raised $1.1M in a seed funding round.
The funds raised from the seed funding came from blockchain investment firm Summit which led the round alongside Funfair Ventures and plenty of business angels.
Wakweli aims to boost mass adoption and increase trust in Web3 with further support from the onboarded investors and partners who share the same vision. In addition, the capital raised will enable the company to roll out its anticipated product offerings, including a community-driven core protocol that enables NFT marketplaces, buyers, and creators to benefit from a provable mark of authenticity for NFTs and other tokenized assets.
It is based on a decentralized consensus algorithm called Proof-of-Democracy (PoD) that detects whether NFTs are fake or not.
Talking about Wakweli’s vision and plans: “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. We appreciate the confidence our partners have placed in Wakweli and are excited to start this journey together,” said the Co-Founder and CEO of Wakweli, Shaban Shaame.
Wakweli launched its website, whitepaper, and Alpha last year and now plans to create a dedicated foundation to manage the venture, ultimately encouraging projects to build on its layers and apply for token grants distributed by its on-chain treasury.