NFT Investments, a UK-incorporated company specialising in investing in non-fungible tokens (NFTs), has invested in a decentralised social network platform. The web 3 social startup by Big Whale Labs had raised $100,000 (~£73,000) from the firm. The funding round led by venture capital firm Slow Ventures resulted in a total of $655,000 (~£480,000) in funding.
NFT Investments provides exposure to a diversified portfolio of NFTs and cryptocurrencies. The firm’s shares are listed on the Aquis Exchange Growth Market under the ticker symbol NFT.
Among other participating companies were Samsung Next, Intonation Ventures, as well as co-founders of 1inch Network and others.
Big Whale Labs intends to completely change how people view digital identity, social graphs, and social networks. Users will be able to create and use anonymous NFT identities but with verified credentials and reputations attached to these NFTs. The network will be built on the Ethereum (ETH) blockchain.
Big Whale Labs’ plan of action is to use the new funding to accelerate product development as it prepares for the launch.
“Our mission is to enhance human-to-human connection online to make social more safe, fun, secure, and free,” said co-founder and CEO Jason Kim. “Our goal with Big Whale Labs is to both enhance how web 3 communities interact on web 2 platforms like Discord and Telegram and to also introduce new mechanisms that are completely native to web 3 like owning fractional identities, your social graph, and pseudonymous but verified credentials.”
“Currently, my products are being used by over 60 million people globally,” commented CTO Nikita Kolmogorov, “I’ve seen firsthand how many DAOs and crypto communities interact and believe there should be much better tooling to support these communities and people.”
NFT Investments has invested in an Ethereum-based social network startup. Big Whales Labs has raised $655,000 (~£480,000) in pre-seed funding led by Slow Ventures.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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