New Crypto Startup Enables Users to Send NFTs Using Phone Numbers – Is This the Future of NFTs?
The typically complicated process of onboarding new users to Web3 just got a little easier: US-based startup Redeem claims to have simplified this process by allowing users to interact with non-fungible tokens (NFTs) via their phone numbers.
The startup raised $2.5 million in pre-seed funding led by digital asset-focused investment firm Kenetic capitalwith participation from Monochrome capital, VC3 DAO, The fund, Flyover Capital, CMT Digital, The KCRise Fundand KESTREL0x1, Axios reported. It will use the funds to continue building its core technology and for its Q2 product launch.
Redeem is a company that provides Web3 technology that enables users to send and redeem NFTs using their phone numbers.
Users can link any crypto wallet on any network to their phone numbers, which then allows them to scan a QR code to redeem NFTs such as tickets, loyalty points, in-game items, etc.
They can also send and receive NFTs via SMS, Apple’s iMessage or WhatsApp, without having to pay gas fees or know an external wallet address.
Redeem founder Toby Rush said that for the startup, “it’s all about the phone number,” adding that via this method, a single person is linked to a wallet through an existing verification system.
“The other cool thing about using your phone number is that you automatically eliminate all bots and effectively eliminate almost all fraud,” Rush said.
He also noted that it is generally very challenging for onboard users to collect NFTs and actually use them. Redeem, claims the site. connects digital assets to something users already know, and doesn’t require them to learn new systems or change behavior. Users can “access everything, all wallets, all worlds, everything you need” – including e-commerce, metaverse and games – with one phone number.
Kenetic Capital founder Jehan Chu was quoted as saying that “adoption is the holy grail of Web3,” and that Redeem’s core features allow users to access Web3 without crypto or blockchain knowledge.
Chu argued that
“This is a game-changer for traditional enterprise businesses looking to reduce costs and drive new user engagement via Web3 without complicated or risky crypto processes.”
Meanwhile, Rush also founded the biometric ID verification company EyeVerifywhich was acquired for $100 million in 2016 by Ant group, Alibaba’s financial services arm. Rush led the International Technology Investments Team for Ant Group, and before that he was CEO of ZOLOZan Alibaba digital identity platform that evolved from EyeVerify.
Kenny Conklin II is co-founder and COO of Redeem. Per the site, he was previously president of the crypto market maker Analytical tradingCOO of the Family Investment Office AzimuthZeroPresident and COO i Farm mobilean agtech startup that sold to TO GIVEand SVP for BATS global marketsa global exchange operator that sold to CBOE.
“I love creating new user experiences that surprise and delight me while hiding the complexity of the technology,” said Rush. “The ability to create, engage and own assets outside the traditional walled gardens – like Apple or Google or Ticketmaster – while maintaining trust is the biggest promise of Web3. To realize the power of this new technology, we need to make it accessible and accessible and known to the masses,” he concluded.
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Learn more:
– Spotify’s latest experiment: Playlists unlocked by NFT holders – the future of music streaming?
– Here’s how Web3 can wipe out problems the ticketing industry has faced for decades
– Abu Dhabi goes all-in on crypto with $2 billion investment program for Web3 and Blockchain startups
– Ordinal NFTs Push Bitcoin Network Activity to Near 2-Year High – What Does This Mean for BTC Price?
