• Wakweli is a web3 infrastructure protocol that has closed and announced it successfully raised $1.1 million in its seed funding round.
• The protocol uses a decentralized consensus algorithm called Proof-of-Democracy (PoD) and aims to create a reference of trust for the decentralized ecosystem for preserving market integrity of tokenized assets.
• Several investment firms including Summit, Funfair Ventures, several business angles, and dozens of early investors participated in the funding round.

NFT Certification Protocol Wakweli Raises $1.1M in Its First Funding Round

Wakweli, a Web3 infrastructure protocol that issues NFT authenticity certificates, has closed and announced that it succeeded in rising $1.1 million in its seed funding round. The funds will enable Wakweli to roll out its product offerings which use a decentralized consensus algorithm called Proof-of-Democracy (PoD). Several investment firms including Summit, Funfair Ventures, several business angels, and dozens of early investors participated in the funding round showing confidence in the protocols objectives.

Objectives of Wakweli’s Product Offerings

Wakweli is a Geneva-based startup incubated by software firm EverdreamSoft which was founded with the aim of becoming the reference of trust for the decentralized ecosystem for preserving market integrity of tokenized assets. It launched its website, whitepaper, and Alpha version of its protocol in 2022 and is looking to create a dedicated foundation this year to manage and encourage projects to build on its layers as well as apply for token grants distributed by its on-chain treasury.

Issues With NFT Scams And Copyright Infringement

Since it was founded Wakweli has worked hard at trying to solve issues with NFT scams and cases of copyright infringement which have become very rampant within the crypto sphere. This is especially relevant since asset tokenisation is projected to grow into an industry worth approximately $16 trillion dollars by 2030 according to global consulting firm BCG meaning authenticity will likely remain an important area for many years ahead.

Praise from FunFair Ventures COO Lloyd Purser

FunFair Ventures COO Lloyd Purser praised Wakweli’s principal use case stating : “The problem Wakweli is solving is very real and needs addressing; it is critical part of web3’s journey towards mass adoption. The team is hugely experienced passionate has shown great trajectory we firmly believe that Wakweli will be key enabler growing use web3 technology years come.“

Conclusion

In conclusion, with this first funding round having been successfully completed Wakweli should be able to move forward with their product offering which should help address some of major issues around authenticating NFTs as well as other tokenised assets providing trustworthiness security these markets going forward into future