Identity in the form of NFT – When we talk about NFT, we often imagine more or less successful collections of images to collect and exchange. But behind this highly speculative aspect that the media likes to point fingers, lies it applications practical and innovative. And in the field of digital identity protection and management, the American startup Unstoppable domains is one of the rising stars of the crypto galaxy. It has just completed a funding cycle with flying colors. Put on your best outfit, we’re going Vegas make a point.
Unstoppable Domains wants to simplify Web3 for us
Anyone who has ever ventured into making crypto wallets must have noticed that the safety is a very important consideration. We don’t mess with clients’ money, whether it’s on centralized or decentralized exchanges. And when we try to transfer tokens, these are extended addresses that we need to copy and verify. This is the problem trying to solve Unstoppable domains by offering a unique addressin the form of NFT, to connect to various services.
Specifically it is a smart contract on a public blockchain. It allows users to manage their private data, send and receive cryptos, as well as interact with decentralized applications. The user only pays once when creating his address. He can then use it for life without any other hidden costs. This one simplification manipulation is likely to promote adoption by the general public and investors have understood this.
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Investors love NFTs that serve a purpose
Last Wednesday, the startup announced the closure of funding round A for an amount of 65 million of dollars. Thus, the valuation of the company is almost‘one billion of dollars. As a reminder, there are traditionally four funding rounds for young companies. This starts with the so-called seed phase followed by cycles A, B and C. All this allows the company to grow and develop its products or services. Created in 2018, Unstoppable Domains Counts 2.5 million unique addresses built into more than 150 apps from Web3 and almost 80 wallets and crypto exchanges. The turnover is 80 million dollars in the past three years.
The company is now looking to expand. With this massive influx of new money they will ” continue to innovate and forge new partnerships“. Among the investors of this cycle A, we find well-known names in the industry. And if you read us regularly, you will surely recognize some of them. We can mention Panthera Capital – which led the fundraising – but also Mayfield, Alchemy Ventures, Spartan Group, Polygon, CoinGecko or even Draper Associates. The full list can be found in the press release. The founder and CEO of the company Matthew Gould is happy with the way things are going:
“With the digital economy becoming an increasingly important part of our lives, it’s time for people to take control of their identity on the internet. (…) We are excited to partner with Pantera and other like-minded investors to provide billions of people with access to Web 3.0 through NFT domains that unlock users’ personal and portable identities.. »
Unstoppable Domains is one of those companies that works quietly and prepares the internet of tomorrow. And the smart money make no mistake about injecting tens of millions of dollars right and left. Moreover, according to a recent study by Kucoin, Web3 is not only attracting investors as almost 50% of those surveyed could potentially work there. And you?
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