Startup IYK Raises $16.8 Million in Seed Funding for NFT-Driven Infrastructure
As the adoption of tech-connected apparel increases among traditional and crypto-native brands, leading startup IYK has secured seed funding to expand its NFT-driven infrastructure. The company has also launched a platform that automates the process of adding digital tie-ins to fashion and other products.
IYK recently announced that it raised $16.8 million in a funding round led by venture capital giant Andreessen Horowitz. Other participants included Collab + Currency, 1kx, Lattice Capital, Synergis Capital, Palm Tree Crew, and Coop Records. The round also saw involvement from notable Web3 creators and entrepreneurs.
Connecting Apparel to Blockchain Tokens
IYK specializes in providing near field communication (NFC) chips that can be embedded into apparel and other products. These chips are then connected to blockchain tokens or NFTs, allowing users to scan the products with a smartphone and access tokenized certificates of authenticity. Additionally, these certificates can serve as access passes to digital content and communities.
The startup has already collaborated with prominent brands like Adidas, Atlantic Records, Billionaire Boys Club, Johnnie Walker, Coinbase, MNTGE, Pudgy Penguins, and 9dcc. For example, Adidas released tokenized t-shirts at the NFT NYC convention earlier this year, using IYK’s NFTs to verify authenticity and provide digital “Alter Egos” for each shirt.
Expanding Possibilities with IYK’s Technology
IYK’s technology is versatile and can be used in various ways. The NFC chips can be embedded into clothing or other products, as well as wallet-sized cards or placards at events. When tapped with a smartphone, these chips can unlock access to real-world or online events, provide exclusive digital content, verify authenticity, and more.
Furthermore, IYK’s platform does not require a smartphone app or the use of their web domain. Any modern iPhone or Android phone can activate the NFC chip, allowing brands and creators to develop their own digital content and experiences tied to the NFT pass.
IYK Launches Self-Serve Platform
In addition to its hands-on collaborations with brands, IYK has introduced the IYK Platform. This self-serve model enables companies to onboard into the IYK ecosystem, choose from different NFC chip types and form factors, and complete orders for chip delivery.
The platform aims to streamline the overall process while still offering direct collaboration and support when needed. It allows companies to experiment with IYK’s API tools and integrate them into their infrastructure without manual intervention.
Building Stronger Brand-Customer Relationships
IYK believes that integrating tech like NFC chips into brands’ products offers several advantages. One benefit is the ability to create a community around the brand and reward loyal customers with exclusive benefits and rewards. Another advantage is maintaining an ongoing connection with customers after the initial sale, providing valuable data and insights for companies.
The startup hopes that its technology can help foster better relationships between consumers and brands.
Hot Take: Empowering Brands Through NFT-Driven Infrastructure
Startup IYK is making waves in the fashion industry by providing NFT-driven infrastructure through its NFC chips. With $16.8 million in seed funding, IYK is poised to expand its offerings and automate the process for brands looking to incorporate digital tie-ins. By enabling customers to scan apparel or other products with a smartphone, IYK’s technology offers tokenized certificates of authenticity and access to digital content. The startup has already partnered with notable brands like Adidas and Coinbase, showcasing the versatility of its platform. With the launch of the self-serve IYK Platform, brands can now onboard seamlessly and experiment with IYK’s API tools. This integration not only strengthens brand-customer relationships but also opens up new possibilities for engaging experiences.
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