Itheum announces an investment by Mechanism Capital and Elrond. Itheum was incubated via the Elrond Dubai Incubator by Morningstar Ventures. This round is now $1.5million larger.

Itheum continues its impressive achievements in blockchain and cryptocurrency. The Web3 data brokerage project has received additional funding from prominent VCs as well as investors. Itheum was raised

Participants in the extra funding include Mechanism Capital and Ascensive Assets. Itheum now has $4 million of capital thanks to the extra financial injection. This allows the team to expand the limits on how personal data can owned and traded in Metaverse.

Itheum’s latest investments are another milestone. Itheum also partnered recently with Elrond in order to be part of the Maiar Launchpad’s ecosystem, which will allow it to offer its services to more developers and users.

Mark Paul, Founder of Itheum comments on the news: 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 said: We are thrilled about the new group of investors that will support Itheum over time. Seeing them aligned to our strong belief in them provides many opportunities.

Itheum lets users control their personal data as assets with the help of Elrond’s internet-scale blockchain technology. Data conversion to assets occurs via the NFMe-ID NFT technology, establishing “soulbound” Data Avatars to use in the Metaverse.

Allowing users to include metadata layers to their avatars improves Web3 user experience. This creates an recurring income stream for Metaverse. Itheum’s go-to-market strategy in the highly hyped web3 gaming industry is also amassing strong interest, as they use their NFMe-ID avatar technology to spawn “player passports” that enable the millions of gamers around the world to own their player data and earn new income via an exciting “share-data-to-earn” dynamic.

NFMe ID technology, which is more important than anything else, can be a catalyst to end-user adoption for the Metaverse. It allows Web3 data users to access more data at lower prices. This aligns the data consumer’s values and Web3 users.

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