Quick take:
- Funds will be used to continue the development of the product and core technology.
- The creators of the NFTs retain the ability to set the rules for how the digital assets will evolve.
- The NFTs can evolve based on user actions, real-world events, and measurable data.
Barcelona-based startup Freeverse has raised $10.5 million to create “living assets” that can evolve and change over time. The funding round was co-led by Earlybird Venture Capital and Target Global, with participation from existing investors Adara Ventures and 4Founders Capital.
Global digital media platfom, OneFootball, also joined the round. Notable angel investors include international football star Mario Götze, Travelperk CEO Avi Meir, OneFootball CEO Lucas von Cranach, and Maex Ament, co-founder of Taulia and Centrifuge.
Freeverse said that the “living assets” it’s creating are NFTs that can evolve and be monetised based on how they are used by their owners, giving the assets greater value than their rarity or scarcity. The company’s technology is targeted at game developers, content creators and brands that are creating virtual avatars and digital versions of their products.
Funds will be used to continue the development of the product and core technology and push it to the market.
While NFTs, which are digital assets with unique qualities built on the transparent and secure digital ledger on the blockchain, are supposed to be immutable, Freeverse said that the state of every asset at every point in time is certifiable and recorded on-chain.
The company also claims to have developed a “fraud-proof Layer-2-based technology” that can be deployed on the main blockchain networks, and be integrated by third-party applications as well as offer trading of NFTs in fiat.
Freeverse’s evolving assets will establish a new type of agreement between creators and users. The creator will give full ownership of the asset to the user who can trade it with any static NFT but will retain the ability to set the rules for how the digital assets will evolve.
For instance, the assets can evolve based on game mechanics set by the creator. The assets can also be used to decide the outcome of decentralized autonomous organizations (DAOs), other smart contracts, or even in response to real-world events.
With evolving NFTs, Freeverse hopes to encourage users to return to the original creator of their assets to play, interact with, and trade them to increase their value as their actions directly affect their assets’ evolving characteristics.
“Living Assets represent the way forward for digital ownership in the metaverse and beyond. The fact that Living Assets are valued more by how they are used, as opposed to simple speculation, means that they enable a fairer and more sustainable business model for both companies and consumers. As such, we expect our approach to become a core component within the emerging web3 sector,” explained CEO Alun Evans.
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