Decentralized identity platform Nametag raises $2 million in a seed round led by OKX
Nametag, a Web3 decentralized identity platform for end-user identity verification with web3, has announced a $2 million seed round today. Led by GSRV and OKX Ventures, other companies involved in the round were Coinbase Ventures, Alchemy Ventures, Continue Capital, Mask Network, Project Galaxy, and others.
Bringing NFTs and social media usernames together
Nametag announced it would use the new funds to support its mission of empowering users to take ownership of their own digital identities. Jeff Ren, head of OKX Ventures, stated:
“OKX Ventures is proud to co-lead the seed round for Nametag, a company that we believe will help ignite the next wave of web3 adoption. 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 crypto users.”
Launched in late spring of 2021 during the height of the NFT hype, Nametag’s proof-of-ownership mechanism is used as a foundation for its business model. It enables users to create a profile nametag that allows users to showcase their digital collections and accomplishments on social media platforms they use the most.
With the Nametag extension installed on browsers, users can easily preview verified credentials and NFTs collected by other users on social media. The verified credentials, called Nokens, are not limited to NFTs only. They can include other rare collections like game items and digital badges offered by celebrities.
Nametag gives users the ability to mint newly-named NFT tokens and use such tokens as their worldwide username. After being created, the nametag grants permission for a single username to be shown across several social media platforms, including Twitter, Discord, and YouTube. Additionally, these NFT usernames can be bought, sold, and exchanged with other users.
“We know that people have been collecting digital goods for a long time, and we’re proud to be the profile that lets them share those goods universally,” said Victor Cheng, CEO of Nametag.
How do NFTs prove ownership in a decentralized environment?
One of the primary goals and use cases of blockchain technology is to increase decentralization in our everyday lives. The rise of NFT has revolutionized how asset ownership works, and they can be used to as proof of ownership of physical and digital items.
Any transfer of ownership of an NFT is permanently recorded on the blockchain. Meaning no two people can fully own the same exact token at the same time, although owners can buy fractions of assets from other owners.
According to Nametag, there are 150,000 users who have interacted with the Nametag ecosystem. NFTs, especially art and visual collectibles, are one of the main incentives that have lured people into the crypto world, and the company’s goal is to assist in onboarding the next 100 million users into the cryptocurrency space.
Nametag currently supports all Ethereum, Solana, and Arbitrum digital assets, and hopes to add more chains in the near future. The company also closed its initial seed investment in January at a $30 million valuation.