After securing $1.1 million, Wakweli, a web3 infrastructure protocol that generates certificates of authenticity for NFTs, has completed its first investment round.
Many early investors contributed funds to back Wakweli’s idea of a protocol built on a decentralized consensus algorithm known as Proof-of-Democracy (PoD). The blockchain investment company Summit, Funfair Ventures, and a few business angels jointly led the seed round.
With the funding, the business will be able to launch its product line, which will include a community-driven core protocol that will provide NFT markets, consumers, and creators access to a verifiable seal of authenticity for NFTs and other tokenized assets.
“We are incredibly thrilled and fortunate to have onboarded investors and partners who share Wakweli’s vision to increase trust in the web3 ecosystem,” said Co-Founder and CEO Shaban Shaame.
“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.”
Shaame’s sentiments were echoed by Mathieu Vincent, CEO of Summit Mining and Summit Gravity: “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.”
FunFair Ventures COO Lloyd Purser praised Wakweli’s principal 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.”
The Geneva-based Wakweli project, incubated by software company EverdreamSoft, was established in 2021 with the goal of becoming the benchmark of trust for the decentralized ecosystem, upholding the market integrity of tokenized assets, and enhancing its liquidity.
Shaban Shaame, the project’s co-founder and CEO, and co-founder Markéta Korteova, who currently holds the position of Chief Operating Officer of EverdreamSoft, both bring a plethora of expertise in blockchain gaming to the endeavor. Antoine Sarraute, a tech veteran and the third Co-Founder of Wakweli, has been a fervent supporter of decentralized technology since 2011. He has also created many ground-breaking projects in the web3, AI, and finance sectors.
Last year, Wakweli debuted its website, whitepaper, and Alpha. The initiative, which encourages enterprises to build on its layers and apply for token grants provided by its on-chain treasury, will be managed by a special foundation that will be established this year.
Despite the fact that NFTs have been promoted as a way to demonstrate asset ownership, NFT frauds and instances of copyright infringement are now very widespread. By guaranteeing that digital representations of assets are authentic and singular, that is, not represented by many tokens throughout the cryptosphere, Wakweli seeks to address these problems.
Provable authenticity will probably continue to be a hot subject for many years to come, according to a new analysis by the international consulting company BCG, which forecasts that asset tokenization will grow into a $16.1 trillion business opportunity by 2030.