Lit Protocol raises $2.2M to use NFTs for decentralized access passes
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Lit Protocol has raised $2.2 million to build out its decentralized network that enables nonfungible tokens (NFTs) to act as access keys to exclusive content and experiences both online and in the real world.
Collab+Currency and Sfermion led the round, with participation from CMT Digital, Crowdcreate, G1 Ventures, Gumi Cryptos Capital, Kleiner Perkins, Lattice Capital, LongHash Ventures, Protocol Labs, Shima Capital, Tribe Capital, and leading angel investors.
An open-source ecosystem that leverages encryption and blockchain technology, the Lit (Lockable Interactive Token) Protocol allows blockchain, decentralized app (dapp), and NFT developers to build applications online that make the community building and digital asset ownership envisioned under Web 3 a reality. (You can help make an NFT with Lit Protocol here).
David Sneider, cofounder at Lit Protocol, said in an interview with GamesBeat that the technology enables anyone to lock their data behind the equivalent of gated communities on the internet.
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He said the company’s team of six is excited to work with a group of investors committed to decentralization, tokenization, and stakeholder-owned systems — without the need to use centralized technology to protect their data.
Lit Protocol is ramping up with big plans for the future of the blockchain-based internet. Anyone interested in using the protocol today can get started with “Apps” and “Offers”
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