NFT sales catapulted to over $20 billion in 2021 as both business and end-users came to understand the enormous potential that is unlocked by blockchain-certified digital ownership.
Yet, one of the main criticisms of the digital collectibles boom is that the market value relies purely on speculation – with consumers buying ‘rare’ digital assets with the sole intention of selling them on while hoping for a profit.
Enter Barcelona-based Freeverse.io which allows NFT properties to change and evolve. The NFT platform has now raised €10 million in funding. The Series A round was co-led by Earlybird and Target Global, alongside existing investors Adara Ventures and 4Founders Capital. Angel investors including international football star Mario Götze, Travelperk CEO Avi Meir, OneFootball CEO Lucas von Cranach, and Maex Ament, co-founder of Taulia and Centrifuge also took part.
The company aims to create Living Assets, the NFT 2.0 platform that will power the next generation digital industry. It lets companies such as brands, game developers, or other content creators to add a crucial new layer to their products: the ability of NFTs to change and evolve based on how they are used by their owners. As a result, how the NFT is used has a greater effect on its value than merely its rarity or scarcity.
Freeverse.io CEO Alun Evans said: “Living Assets represents the way forward for digital ownership in the metaverse and beyond. The fact that Living Assets are valued more by how they are used, as opposed to simple speculation, means that they enable a fairer and more sustainable business model for both companies and consumers. As such, we expect our approach to become a core component within the emerging web3 sector.”
The company will use the investment to fund a strong go-to-market push, as well to continue the development of the product and core technology.
Dr. Christian Nagel, partner and co-founder, Earlybird added: “2021 may have been ‘the year of the NFT’. Yet, NFTs that can be changed by their owners, provide a more sustainable business model for the sector. Freeverse’s Living Assets is here to change the game,”
Lina Chong, investment director, Target Global concluded: “The infrastructure the Freeverse team has built addresses the limitations that NFTs have today, including the ability for brands to protect their brand equity. They’ve come up with a contrarian approach to other purely decentralised plays but one that we believe is necessary for mass adoption of NFTs.”