When onboarding the next wave of NFTs into the mainstream, it could be as simple as sending a WhatsApp message or SMS.
Or Redeem, a new startup aiming to make NFT transfers as easy as using basic mobile technology, has the potential to open up its NFT technology to billions of new customers. hoping.
“I think NFTs and smart contracts are attractive,” Redeem founder Toby Rush told CryptoSlate. “Not because it’s a boring picture of a monkey, but because it’s a ticket credential, a digital collectibles certificate, a membership card.”
Former Ant Group/Alibaba executive and founder of EyeVerify (acquired by Alibaba for $100 million in 2016), Rush is a veteran blockbuster who served as president of cryptocurrency Analytico Trading, Inc. Co-founded Redeem with chain executive Kenny Conklin III. market maker.
Redeem’s service allows users to connect any blockchain wallet on any network to their phone number, so they can easily redeem tickets, loyalty points, game items, etc. by scanning a QR code. I can.
The protocol facilitates the smooth exchange of NFTs over popular messaging services such as iMessage, WhatsApp and SMS, eliminating the need for complex cryptographic interfaces and gas fees.
“One of the most interesting things is this NFT as a digital asset that can live outside the four walls of Google, Apple, Facebook, Visa and the world’s ticket match,” Rush added.
On February 27, Redeem announced it had raised $2.5 million through a consortium of like-minded VCs led by Kenetic Capital.
“Recruiting is the holy grail of Web3,” adds Jehan Chu, founder of Kenetic Capital.
“Redeem’s core functionality allows users to quickly access the world of Web3 without prior blockchain knowledge. It’s a game-changer for traditional enterprise companies looking to drive new user engagement through mobile,” said Chu.
Redeem is blockchain agnostic, meaning it not only allows users to connect NFTs to wallets supported by Polygon and Metamask, but also supports NFTs on various blockchains such as Ethereum and Solana. said.
“I think most people who worked on Web3 would agree that there are many opportunities around a simple, open ecosystem,” said Rush. “For users, it’s just the internet, technology and an open ecosystem, but ordinary consumers don’t need to understand what makes it possible. They just benefit.”
As the assembly line of new products and services expands in the second quarter, Redeem appears poised to make a leap that few blockchain companies have made to date. mobile number.
“Think of it like a domain name service or DNS,” added Rush.
“But I don’t want my phone number exposed on a public chain, so I basically matched my phone number with my NFT wallet.”
Redeem’s funding also saw participation from other VCs, including Monochrome Capital, VC3 DAO, The Fund, Flyover Capital, CMT Digital, KCRise Fund and KESTREL 0x1.