The Web3 infrastructure protocol Wakweli, which offers certificates of authenticity for NFTs, has successfully completed its first funding round after raising $1.1 million in funds. Dozens of early investors have pledged capital to support Wakweli’s vision of a protocol that is based on a decentralized consensus algorithm called Proof-of-Democracy (PoD).
The seed round was led by the blockchain investment firm Summit, which was joined by Funfair Ventures and several business angels. EverdreamSoft, a software company, served as the incubator for the Wakweli project, which was established in Geneva in 2021. Wakweli’s primary objective is to establish itself as the trusted reference for the decentralized ecosystem by upholding the market integrity of tokenized assets and increasing their liquidity.
Wakweli Co-founder and CEO Shaban Shaame said: “We are incredibly thrilled and fortunate to have on board investors and partners who share Wakweli’s vision to increase trust in the Web3 ecosystem. Collaborating with partners who share the same values and aspirations allows us to work towards a common goal to build a better future through innovation and trust. We appreciate the confidence our partners have placed in Wakweli and are excited to start this journey together.”
A Better Future Through Innovation and Trust
With this funding, the NFT certification protocol will have the opportunity to roll out its unique product offerings, one of which is a community-driven core protocol that provides NFT marketplaces, buyers, and creators with a provable mark of authenticity for NFTs as well as other tokenized assets. This will allow Wakweli to expand its market share and establish itself as a market leader.
Mathieu Vincent, CEO of Summit Mining and Summit Gravity, said: “We are delighted and proud to be able to contribute to Web3 development through ambitious startups that build projects such as Wakweli. It is thanks to the implementation of innovative solutions like Wakweli that trust in the blockchain, crypto, and NFT ecosystem will grow to the point where this universe will become obvious to everyone.”
Summit offers, through its different subsidiaries, a variety of innovative blockchain and cryptocurrency-related products. Investment, mining, education, and consultancy are the major focal points of these services. Summit makes the world of blockchain and cryptocurrencies accessible by constructing a transparent, ethical, and understandable environment with its consumers using this suite of services.
FunFair Ventures COO Lloyd Purser praised Wakweli’s fundamental 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.”
Since 2017, Funfair Ventures has been a pioneer in the blockchain gaming business. It is the newest subsidiary of Funfair Technologies Group. Funfair Technologies has been taking advantage of the decentralized and secure nature of blockchain technology for a number of years. It is developing, operating, and upgrading trustless decentralized applications (dApps), in addition to handling massive market capitalization token economies.
Provable Authenticity and Digital Representation
Wakweli Co-founders Shaban Shaame and Markéta Korteova, who also serves as the Chief Operating Officer of EverdreamSoft, bring years of knowledge and experience in blockchain gaming to the project. Antoine Sarraute, a veteran of the IT industry, is the third Co-Founder of Wakweli. Since 2011, he has been an avid promoter of decentralized technology, and he has produced many cutting-edge projects within the realms of Web3, AI, and fintech.
The previous year saw the launch of Wakweli’s website, whitepaper, and Alpha. This year, a separate foundation will be established in order to oversee the venture, which will enable projects to apply for token grants that will be distributed by its on-chain treasury and built on its layers. Meanwhile, it is true that scams involving NFTs and violations of copyright are now extremely widespread.
This is despite the fact that these tokens have been promoted as a method for establishing ownership of assets. However, Wakweli intends to overcome these problems by ensuring that the digital representations of assets are authentic and one of a kind, that is, they are not being represented by numerous tokens in different parts of the NFT and crypto world.
According to a recent analysis published by the global consulting firm BCG, asset tokenization is expected to develop into a commercial opportunity worth $16.1 trillion by the year 2030. This indicates that provable authenticity is likely to continue to be a major topic for many years to come. And Wakweli is ready to lead this market with its unique product offerings and better use cases.