NFT Certification Protocol Wakweli raises $1.1m in its first funding round
Wakweli is a web3 infrastructure protocol that issues certificates of authenticity for NFTs.
The funding round was led by Summit, a blockchain investment firm.
The funds will enable Wakweli to roll out its product offerings.
Wakweli, a Web3 infrastructure protocol that issues NFT authenticity certificates, has closed and announced that it succeeded in rising $1.1 million in its seed funding round. The protocol uses a decentralized consensus algorithm called Proof-of-Democracy (PoD).
Several investment firms including Summit, Funfair Ventures, several business angles, and dozens of early investors participated in the funding round, showing confidence in the protocol’s objectives.
Wakweli product offerings
Wakweli is a Geneva-based startup that was incubated by software firm EverdreamSoft. It was founded in 2021 with the aim of becoming the reference of trust for the decentralized ecosystem for preserving the market integrity of tokenized assets.
It launched its website, whitepaper, and Alpha version of its protocol in 2022. It aims at creating a dedicated foundation this year to manage and encourage projects to build on its layers and also applies for token grants distributed by its on-chain treasury.
Since it was founded, Wakweli has worked to try to solve issues with NFT scams and cases of copyright infringement, which have become very rampant within the crypto sphere. Wakweli’s product is well suited for the future since a recent report by global consulting firm BCG predicts that asset tokenisation will expand into a $16.1 trillion industry by 2030, meaning authenticity will likely remain a hot topic for many years to come.
FunFair Ventures COO Lloyd Purser praised Wakweli’s principal use case, stating:
“The problem Wakweli is solving is very real and needs addressing, it is a critical part of web3’s journey to mass adoption. The team is hugely experienced and passionate and has shown great trajectory, and we firmly believe that Wakweli will be a key enabler in the growing use of web3 technology in the years ahead.”
The funds collected in the seed round will be used to facilitate the rolling out of the company’s 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.