Freeverse.io raises $10.5M for NFT assets that can change over time
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Freeverse.io has raised $10.5 million for blockchain-based assets that can change and evolve over time, enabling a new kind of digital ownership.
Barcelona, Spain-based Freeverse said it is creating “living assets” based on non-fungible tokens (NFTs), which so far use the blockchain to authenticate unique digital items. The company is targeting game developers and brands, such as those interested in creating virtual avatars and digital versions of their products.
Earlybird Venture Capital and Target Global led the funding for Freeverse. Freeverse.io’s tech allows NFTs to be monetized and evolve based on how they are used. That’s not very intuitive, as NFTs are based on the transparent and secure digital ledger of the blockchain, and so they’re supposed to be immutable.
In that sense, they’re ideal for digital collectibles, which is the reason that NFT sales hit anywhere from $15 billion (Nonfungible.com) to $25 billion (DappRadar) in 2021. That market happened because of blockchain-certified digital ownership that NFTs made possible.
Freeverse.io will use the investment to fund a strong go-to-market push, as well as to continue the development of the product and core technology.
“Living assets represent the way forward for digital ownership in the metaverse and beyond”, said Freeverse.io CEO Alun Evans, in a statement. “The fact that Living Assets are valued more by how they are used, as opposed to simple speculation, means that they enable 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 web 3 sector.”
Freeverse.
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