NFT3 raises $7.5 million to develop its decentralized identification solution

• NFT3, a Web3 virtual identity network, has raised $7.5 million in early investment headed by Animoca Brands. 

• The Unified Decentralized Identification (DID) and Credit Network from NFT3 will give users with identity across all Web3 application layers and allow personal monetization in the metaverse.

• The Unified Decentralized Identification (DID) and Credit Network from NFT3 will give users with identity across all Web3 application layers and allow personal monetization in the metaverse.

A dozen additional major investors joined the round, including DFG Group, CMS Holdings, LD Capital, and Prometheus Labs Ventures. According to CEO Dylan Dewdney, the platform will utilize the funds to further develop its decentralized identification solutions and connect them in an innovative way with NFTs.

DIDs will resolve the issue of bot-generated wallet address spoofing 

The issue of identity verification has affected the entire crypto industry, and the rise of metaverses has made it much more important. NFT3 is a platform that is trying to address this issue by developing the first unified identity network for Web3.

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The Unified Decentralized Identification (DID) and Credit Network from NFT3 will give users with identity across all Web3 application layers and allow personal monetization in the metaverse.

Validated airdropping will be the first significant use case for NFT3’s products. NFT3’s Decentralized Identities (DIDs) will resolve the long-standing issue of bot-generated wallet address spoofing, allowing projects and platforms to only airdrop tokens to genuine users.

More than a dozen big industry investors saw the promise of NFT3’s solution, with Animoca Brands, a gaming business that has invested in CryptoKitties, Axie Infinity, OpenSea, Decentraland, and the Sandbox, leading its $7.5 million initial fundraising round.

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NFT3 has established the basis for a single identity layer in Web3

According to Yat Siu, CEO, and co-founder of Animoca Brands, NFT3 has established the basis for a single identity layer in Web3. According to the company’s press release, the platform would give users’ collected history and activities with value across platforms, metaverses, and gaming settings.

According to Dylan Dewdney, CEO of NFT3, DID-wrapped NFTs will be the product driving mass adoption of Web3 goods and platforms.

According to Dewdney, the only way to make DIDs more widely used is to employ them in as many protocols as possible, as well as to link them with NFTs. As a result, decentralized identities will be able to enjoy the same utility gains as NFTs, such as staking and reputation.

He also expects that it won’t be long before the system gains considerable traction—”the traction will happen fairly quickly” after the earliest end-users of NFT3 DIDs realize the first financial benefits.