BARCELONA-BASED STARTUP Freeverse.io RAISES €10 MILLION TO BUILD LIVING ASSETS – A NEW INNOVATION IN THE NTF SPACE
Startup Freeverse.io poised with the vision to fuel a faired model of digital ownership has reportedly raised a Series A investment round understood to be in the region of €10 million. The latest funding round was co-led by Target Global and Earlybird, alongside existing investors 4Founders Capital and Adara Ventures.
Founded in 2019 in Barcelona, the subject startup is one that allows companies to build products that feature next-generation NFTs – so-called ‘living assets’. However, NFTs which appear to be a relatively new phenomenon is seeing an advanced version with Freeverse already launching a new, next-generation level to the subject market.
According to statistics, in 2021, NFT sales skyrocketed, reaching over $20 billion per Freeverse, which as a result of businesses and end-users understanding of the potential that is unlocked by blockchain-certified digital ownership. The aforementioned startup core product is a platform that allows companies (like game developers, brands, and other content creators) to add a crucial new layer to their products, which offers the ability of NFTs to change and evolve based on how they are used by their owners.
Freeverse is poised to tackle one criticism amidst the digital collectibles boom with the aid of its innovation owing to the fact that the market relies on speculation. It’s also clear consumers buy ‘rare’ digital assets with the sole intention of selling them on, whilst hoping for a profit. Currently, the knowledge regarding the NFT space seems limited, which leaves a lot of uncertainty around the NFT.
In view of this, startup Freeverse.io’s product and tech is poise to offer a way out of this situation, by allowing NFT properties to change and evolve. Also, instead of just using scarcity and speculation, the startup’s product with the Metaverse will be populated with assets that capture the value provided by their owners’ effort and talent.
Based on this development, the CEO Álun Evans’, clarified: “Living Assets represent the way forward for digital ownership in the metaverse and beyond. The fact that Living Assets are valued more by how they are used, as opposed to simple speculation, means that enables a fairer and more sustainable business model for both companies and consumers. As such, we expect our approach to become a core component within the emerging web3 sector”.
Equally, the Partner and Co-founder at Earlybird ‘Dr. Christian Nagel’, commented: “While 2021 may have been ‘the year of the NFT’, NFTs that can be changed by their owners, such as Freeverse’s Living Assets provide a more sustainable business model for the sector, as their market value is not decided by artificial concepts of scarcity”.
The company also confirmed that it will use the fresh investment to fund a strong go-to-market push, as well as doubling down on the development of the product that includes more technology.
Responding, Investment Director at Target Global ‘Lina Chong’, added: “The infrastructure the Freeverse team has built addresses the limitations that NFTs have today, including the ability for brands to protect their brand equity. They’re come up with a contrarian approach to other purely decentralized plays – but one that we believe is necessary for mass adoption of NFTs”.
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