Itheum Wins Investment via Elrond Foundation and More, Bags $4M Fund -Breaking
- Itheum adds new investors to increase their funding.
- The company’s initial $1.5M funds have now increased to $4M after the latest investments.
- Elrond Foundation and Mechanism Capital made the investments.
Itheum has announced investment from Mechanism Capital and Elrond. This raises their funding from $1.5M up to $4M. Morningstar Ventures funded the initial round of $1.5M and incubated Itheum through their Elrond Dubai Incubator.
Elrond Foundation was also involved in the additional investments.
Itheum’s Founder Mark Paul commented on the recent eventful months of Itheum.
It’s been an exciting few months for Itheum, with our web3 data technology establishing a unique value proposition for a decentralized, open metaverse. In a time when the world is concerned about data centralization and data exploitation, Itheum provides a much-needed opportunity for change – a vision that is shared by our amazing investors with whom we are glad to now share this journey.
Morningstar Ventures CEO Danilo Carlucci shared the company’s excitement of having new investors support Itheum. “Seeing [the new investors]We are united in our strong convictions. [Itheum], provides many opportunities,” Carlucci added.
Itheum lets users control their personal data as assets through Elrond’s internet-scale blockchain technology. The NFMe-ID NFT technology allows data conversion and establishes “soulbound” – which are data avatars to use in the metaverse.
Additionally, Itheum’s marketing strategy in Web3’s gaming industry involves the use of their NFMe-ID avatar technology to spawn “player passports. These passports enable millions of gamers to own their player data and earn income through its “share-data-to-earn” mechanic.
NFMeID technology is essential for metaverse adoption by end users. Data consumers can access better data sets and at lower prices. This aligns it with Web3 users’ values as well as data consumers.
The personal Web 3.0 experience can be enhanced by users being able to include metadata to their avatars. This creates an opportunity for recurring income streams in the metaverse economics.
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