tokenproof, an Austin, TX-based provider of a tool to unlock the value of Non-Fungible Tokens (NFTs), raised $5M in seed-funding.
The round was led by Penny Jar Capital, with participation from Corazon Capital, 6th Man Ventures, Canonical Crypto, and angels including Sebastien Borget, Mark Cuban, Keith Grossman, and Patricio Worthalter.
The company intends to use the funds to accelerate the expansion of additional use cases for NFT verification, including online services, and retail experiences.
Led by Alfonso (Fonz) Olvera, Founder and CEO, tokenproof lets owners enjoy the benefits of their NFTs without putting them at risk, while also making it easy for companies to leverage tokens as an extension of their brand – whether in the real world or online.
After a one-time verification of a user’s digital wallet, tokenproof issues a proof of ownership credential, while the actual wallet remains securely disconnected. The mobile app creates dynamic QR codes to authenticate and unlock the value of NFTs; whether that’s access to an invite-only event, a membership benefit, or a retail experience – in the real world or online. Companies using tokenproof for verification can customize the experience with flexible authentication rules, such as VIP access, discounts, or exclusive content.