Source: news.google.com
quick take:
- Nametag has announced a $2 million seed round co-led by OKX Ventures and GSRV.
- The company is building a web3 identity solution to help users manage their own identities online.
- Web3 IDs take advantage of trustless communications to authorize transactions without the parties having to reveal key personal information.
Nametag has become the latest web3 startup to jump on the decentralized identity bandwagon. The “social profile” provider is developing a web3 identification solution that will help users conduct online transactions without revealing key personal information.
The company has accelerated development of its decentralized ID solution with the announcement of a $2 million seed round backed by leading web3 venture firms.
OKX Ventures and GSRV led the round, with participation from Coinbase Ventures, Alchemy Ventures, Continue Capital, Mask Network, Project Galaxy, Cryptodog, Spencer Yang, and Wesley Fei.
Launched in June 2021, Nametag describes itself as a “social profile” that people can use to showcase their digital collectibles and achievements across multiple platforms.
“We know that people have been collecting digital assets for a long time, and we are proud to be the profile that allows them to share those assets universally,” said Victor Cheng, co-founder of Nametag.
The solution helps people control their own digital identities, allowing them to choose what information to share on a particular platform without affecting their ability to use the platform.
The company claims to have already onboarded 50,000 users to its digital identity solution, which is offered as a web extension. According to Nametag, the company is ready to add up to 100 million new users to the world of cryptocurrencies.
The solution has a gamified attribute that contains metadata including game rating, A-list follower names, and online activity.
The company believes that online platforms should focus on implementing multi-factor identities over passwords and multi-factor authentication. MFI goes beyond verifying devices, said Aaron Painter, CEO of Nametag, adding that it’s common to learn people’s real identities online.
On the other hand, Jeff Ren, director of OKX Ventures, commented: “By leveraging interoperability, creativity and identity, Nametag is opening new doors for consumers to join the metaverse with decentralized social profiles. We look forward to helping Nametag scale to millions of cryptocurrency users.”
Nametag’s social profile tool joins a growing list of companies looking to deliver privacy solutions for the next iteration of the web. In October, Notebook Labs concluded a $3.3 million seed round to create a web3 identity protocol powered by zero-knowledge proofs. Just a few days earlier, JPMorgan’s blockchain unit Onyx announced its web3 identity solution that aims to allow people to store, share and view all their digital assets in one place.
And in November, Carv completed a $4 million fundraiser at a $40 million valuation to develop a web3 identity solution for the web2 and web3 gaming markets. About a week earlier, IriTech partnered with Indian software firm Integra Micro Systems and the South Korea Institute of Blockchain Technology (IBCT) to launch an iris biometrics-protected decentralized smartphone wallet.
The company said that the wallet could be used as a proof of concept to protect personal data on web3.
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