Mnemonic, the NFT intelligence platform, has announced the launch of its APIs and cross-chain aggregation platform. The emerging company raised a massive $4 million in seed funding. Mnemonic is the first business to business (B2B) NFT company, and several well-established funds with deep roots in the blockchain ecosystem are backing it.
This round of funding was led by Kenetic, along with Monochrome Capital, Sound Ventures, and Tribe Capital. Notable angel investors include Coinbase, IntoTheBlock and others.
What is Mnemonic?
Mnemonic hopes to solve several problems within the NFT ecosystem, most notably, by making it easier for companies to track the NFT market and then build their own applications using its API (application programming interface).
Surprisingly, Mnemonic has been operating in stealth since April 2021 and has already partnered with huge NFT companies like Dapper Labs and Mintable.
Essentially, Mnemonic gives developers instant access and allows them to build new applications quickly, on top of their cross-chain platform and APIs.
Due to the success of the recent seed funding, Mnemonic will launch to the public early next year.
Speaking about why Mnemonic was founded, Andrii Yasintesky, Co-founder and CEO of the Company, told Forbes Magazine, “We realized in order to unlock the opportunity and value in this space, there was this key information missing, this data layer of everything that has ever happened in the NFT space.”
Elena Ikonomovka, Mnemonic’s third co-founder, also wants to explore its uses in gaming and the metaverse along with fan engagement and creator tools. The startup company is already in talks with several Fortune 500 companies.
Don’t be fooled, though. Although Mnemonic is a startup company, it has a wealth of experience. The engineers and executives behind the company have experience at Uber, Google, and Reddit, to name a few. The three co-founders have decades of collective experience in big data platforms.
There are only a few companies focused on B2B within the NFT space currently, so this is a beautiful opportunity for Mnemonic to carve out a chunk of the space for themselves.
The future of NFTs
The founders also believe that the company can expand beyond tracking and compiling data. Luxury goods authentication is one avenue they hope to explore. NFT technology is growing into the mainstream rapidly, and it won’t be long before we see this technology used for such things.
Big brands will use this technology to know where the goods are going. It will also know who owns them, offering authenticity with the click of a button.
In the coming years, NFTs will transform digital ownership. NFTs offer the security of blockchain openness, which allows anyone to track an NFT from mint to current wallet. Mnemonic will hope to be a part of that.
Eventually, this could be used in many different forms. This could include concert tickets, medical patents, real-world transactions and much more.
Many of the biggest companies in the world are now realizing the importance of blockchain technology. It will be exciting to see how it develops over a few years and what Mnemonic achieve in the space.