Taking NFTs beyond collectibles: Freeverse raises €10m Series A
- Rocío Pillado Partner
We’re excited to announce that Freeverse has closed its €10m Series A funding round, less than one year after its €1m Seed raise, to fuel the development of its ‘Living Asset’ (NFT 2.0) technology and a strong go-to-market push.
We first backed Freeverse in July 2021, and we are proud to continue supporting the team alongside our friends at 4Founders Capital, new investors Earlybird Venture Capital and Target Global, and the many others.
Leading the charge for a fairer model of digital ownership
One of the leading criticisms of the NFT boom is that market value relies purely on speculation – with people buying ‘rare’ digital assets with the sole intention of selling them while hoping for a profit.
Freeverse’s technology takes a different approach, allowing the assets to change based on how they are used. This gives brands, video game developers, and content creators the power to define the rules for how the asset – for example, a character or an item in a game – will evolve over time.
This evolution from static NFTs, where value is heavily based on speculation or scarcity, to “Living Assets” is crucial to turn the passive experience of simply ‘owning a digital collectible’ into active engagement. It can lead to greater user retention for brands, as users are encouraged to return to the asset’s original creator to play, interact with, share, or trade them to increase its value.
Freeverse’s web application programming interface (API) also allows creators to produce endless quantities of NFTs and for the assets’ properties to change at any time, plugging into any blockchain. All data is verified and certified by the underlying blockchain, tracing and verifying the history of the asset’s evolution through time using Layer-2 technology. Currently, Freeverse is live on Polygon, but will be deploying simultaneously on other chains in the near future.
The next step
Over the coming months, Freeverse plans to triple the size of the team, with a particular focus on expanding its product and go-to-market teams. The web3 market is developing fast, but we believe Freeverse’s unique approach to evolving NFTs has limitless applications. The technology opens the doors for more meaningful, valuable, and sustainable models of digital ownership, and we can’t wait to see what comes next.