With the vision to fuel a faired model of digital ownership, Freeverse.io has just picked a Series A investment round of about €10 million. The funding was co-led by Earlybird and Target Global, alongside existing investors Adara Ventures and 4Founders Capital.
NFTs might be a relatively new phenomenon, but Freeverse is already launching a new, next-generation level to this market. Founded in 2019 in Barcelona, Freeverse allows companies to build products that feature next-generation NFTs – so-called ‘living assets’.
In 2021, NFT sales skyrocketed, reaching over $20 billion according to Freeverse, as both businesses and end-users came to understand the potential that is unlocked by blockchain-certified digital ownership. Freeverse’s core product is a platform that allows companies (such as brands, game developers, or other content creators) to add a crucial new layer to their products: the ability of NFTs to change and evolve based on how they are used by their owners.
As a result, how the NFT is used has a greater effect on its value than merely its rarity or scarcity.
The aim of Freeverse’s innovation is to tackle one main criticism amidst the digital collectables boom – the fact that the market relies on speculation. Consumers buy ‘rare’ digital assets with the sole intention of selling them on, whilst hoping for a profit. There’s little concrete knowledge, and it leaves a lot of uncertainty around the NFT space.
Freeverse’s product and technology offer a way out of this situation, by allowing NFT properties to change and evolve. With Freeverse, the Metaverse will be populated with assets that capture the value provided by their owners’ effort and talent using them, instead of just scarcity and speculation.
CEO Alun Evans, explained: “Living Assets represent the way forward for digital ownership in the metaverse and beyond. The fact that Living Assets are valued more by how they are used, as opposed to simple speculation, means that they enable a fairer and more sustainable business model for both companies and consumers. As such, we expect our approach to become a core component within the emerging web3 sector.”
Dr. Christian Nagel, Partner and Co-founder at Earlybird, commented: “While 2021 may have been ‘the year of the NFT’, NFTs that can be changed by their owners, such as Freeverse’s Living Assets provide a more sustainable business model for the sector, as their market value is not decided by artificial concepts of scarcity.”
Freeverse will use the investment to fund a strong go-to-market push, as well to continue the development of the product and core technology.
Lina Chong, Investment Director at Target Global, added: “The infrastructure the Freeverse team has built addresses the limitations that NFTs have today, including the ability for brands to protect their brand equity. They’ve come up with a contrarian approach to other purely decentralized plays – but one that we believe is necessary for mass adoption of NFTs.”