In an exciting demonstration of the expanding role of Web3 technology, IYK, a startup servicing Adidas, Billionaire Boys Club, and Atlantic Records among others, recently announced a successful seed round raise of a cool $16.8 million. Founder Ryan Ouyang broke the news on his X (previously known as Twitter) account, shining a spotlight on the significance of this investment by influential Web3 venture capital firm, a16z Crypto.
With ventures like Collab Currency, gmoney, Lattice Capital, and 1kx joining the fundraising event, immediate thoughts arise around the driving force of the investment. IYK, short for “If You Know,” aims to utilize the funds to further develop its platform, enabling creators such as musicians and artists to actualize digi-physical experiences for fans sans intricate tech understanding.
A key element of the proposed IYK Platform? Ready-to-use near-field communication (NFC) chips, allowing creators to tokenize their products and events – which then become non-fungible tokens (NFTs), opening a door to a well of unique brand experiences.
While this sounds like a revolutionary development, it’s understandable to question the startup’s methods. IYK, as of now, supports 100 creators and brands eager to establish deeper connections with their audiences. Ouyang, however, assures his venture’s edge on competition lies in their policy of not locking users into a particular authentication system.
The startup also plans to hire its inaugural business development executive, positioning themselves prominently in the rapidly evolving digital landscape.
Looking at the larger picture, one notes the observation-worthy dynamics between IYK, early bird investors like Wave Digital Assets, and other potential future investors drawn by recent investments, particularly by Andreessen Horowitz.
a16z Crypto, known for their strategic investments in promising Web3 startups, has put themselves in an advantageous position by funding an accelerator program that claims a 7% equity in competing platforms in exchange for $500,000. Their portfolio includes acclaimed Web3 brands such as Yuga Labs, VeeFriends, and Chia among many, presenting an interesting case for potential investors and scholars alike.
While some may question the startup’s ability to deliver on its promises, the latest financial injection into IYK has undoubtedly thrust the firm into the limelight, further solidifying a16z’s legacy in the process. With a strong portfolio and a forward-looking vision for the Web3 startup, the future of these entities is something to keep an eye on.
Source: Cryptonews
