California-based NFT startup Snickerdoodle Labs has raised $2.3 million in its seed funding round. The round was led by Hong Kong-based blockchain investment firm Kenetic, reported The Block.
Venture capital funds Blockchain Capital, Struck Ventures, Zilliqa Capital, and FTX, also participated in the round. Others included Sam Bankman-Fried, Tribe Capital, and Zinal Growth.
NFT startup to focus on data privacy
Snickerdoodle Labs was co-founded by Jonathan Padilla, PayPal’s former head of blockchain strategy. The startup will use NFT technology “to build a data economy that protects user privacy.” In addition, it aims to distribute “value to all stakeholders, including the data owners.”
According to Padilla, while the NFT industry has witnessed much growth recently, there is a lack of means to ensure data privacy.
“…what’s missing is a dependable way to ensure true data ownership and privacy alongside secure and voluntary data commerce,” he said. “That’s exactly what we’re building.”
A novel idea
Unlike existing NFT ventures, Snickerdoodle focuses on commercialising tokens. For this, it plans to use NFTs as the cookies of the Web 3.0 ecosystem. In this way, the tokens will support “the development of commercial and industrial NFTs.”
However, NFT artists and creators can also leverage the platform, said Padilla. He added that the platform will give artists another means to generate revenue. Eventually, it will enable artists to be more multi-functional.
“Snickerdoodle is about reimagining the internet and empowering individuals,” Padilla told The Block. “This is a completely novel idea.”
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
