NFT Investments PLC (AQSE:NFT) invested in a decentralised social network platform, participating in a pre-seed funding round for Big Whale Labs.
The Aquis Exchange listed firm invested C$100,000 of a total US$655,000 funding round led by venture capital firm Slow Ventures. Its co-investors included Samsung Next, Intonation Ventures and angel investors including Alex Shin (a co-founder in Korea’s largest Crypto venture capital fund).
Big Whale is using new technologies - like pseudonymous NFT identities tied to verified credentials – to “reimagine what digital identity and the interconnection of relationships in an online social network could be.” It is being developed on-top of the Ethereum blockchain.
“Social networks are ripe for disruption by decentralised technologies and we expect this to be a growing future market,” said NFT Investments executive chair Jonathan Bixby.
“We are proud to support Big Whale Labs alongside a roster of high calibre investors."
Big Whale chief executive Jason Kim, meanwhile, added: “Big Whale Labs' mission is to enhance human-to-human connection online to make social safer, fun, secure, and free.
“Our goal is to both enhance how web 3 communities interact on web 2 platforms like Discord and Telegram and to also introduce new mechanisms that are completely native to web 3 like owning fractional identities, your social graph, and pseudonymous but verified credentials."