NFT3 raises $7.5 million to introduce DIDs and NFTs to the metaverse

NFT3, a virtual individuality web for Web3, has completed a $7.5 cardinal effect backing circular led by Animoca Brands. The circular saw information from a twelve much starring investors, including DFG Group, CMS Holdings, LD Capital, and Prometheus Labs Ventures.

The level volition usage the backing to further make its decentralized individuality solutions and brace them successful a caller mode with NFTs, its CEO Dylan Dewdney told CryptoSlate.

NFT3 is pairing DIDs with NFTs to make a unified Web3 identity

The occupation of verifying identities has agelong troubled the crypto manufacture and the emergence of metaverses has made this adjacent much pressing. NFT3 is simply a level trying to get connected apical of this contented by creating the archetypal unified individuality web for Web3.

NFT3’s Unified Decentralized Identity (DID) and Credit Network volition supply users with individuality crossed each Web3 exertion layers and alteration idiosyncratic monetization successful the metaverse.

The archetypal large usage lawsuit for NFT3’s products volition beryllium validated airdropping. NFT3’s Decentralized Identities (DIDs) volition lick the long-standing occupation of bot-generated wallet code spoofing, enabling projects and platforms to airdrop tokens lone to existent users.

The imaginable of NFT3’s solution was recognized by much than a twelve large manufacture investors, with Animoca Brands, a gaming institution that has been invested successful CryptoKitties, Axie Infinity, OpenSea, Decentraland, and the Sandbox, starring its $7.5 cardinal effect backing round.

Yat Siu, the CEO and co-founder of Animoca Brands, said that NFT3 has laid the groundwork for a unified individuality furniture successful Web3. The company’s level volition supply the accrued past and actions of individuals with worth crossed platforms, metaverses, and crippled contexts, helium said successful the company’s property release.

Dylan Dewdney, the CEO of NFT3, told CryptoSlate that DID-wrapped NFTs volition beryllium the merchandise driving the wide adoption of Web3 products and platforms.

However, Dewdney said that the institution is inactive aboriginal to the crippled and volition beryllium facing galore challenges on the way.

“DIDs person lone precocious emerged arsenic the accepted method modular [for decentralized identity]. Their adoption is simply a tricky happening due to the fact that close present they beryllium chiefly astatine the protocol level and are overmuch little user-friendly than little technically-complex alternatives specified arsenic ENS. So, the adoption of the modular is presently the biggest challenge,” helium said successful an interview.

Dewdney noted that the lone mode towards making DIDs much mainstream is not lone to usage them successful arsenic galore protocols arsenic imaginable but to brace them with NFTs. This volition alteration decentralized identities to person the aforesaid inferior benefits arsenic NFTs, specified arsenic staking and reputation.

He besides believes that it won’t beryllium agelong earlier the level sees large traction—once the archetypal users of NFT3 DIDs spot the archetypal fiscal benefits, “the traction volition hap precise quickly.”

“It volition go wholly indispensable to person a decentralized individuality to unrecorded successful the Web3 and/or metaverse ecosystems the aforesaid mode you indispensable person immoderate benignant of individuality to bash the aforesaid successful the non-virtual world.”