Quick take:
- Authentick has emerged from stealth with a $4 million seed round led by Menyala.
- The company also announced the launch of its digital NFT platform, Authentickator.
- The launch was headlined by key partnerships with Southeast Asia’s leading eCommerce platform Lazada, social media platform TikTok, and Shopify.
Authentick has emerged from stealth with a $4 million seed round led by Temasek’s venture arm Menyala. The company also announced the launch of its NFT platform Authentickator, which lets users browse, purchase and verify the authenticity of non-fungible tokens (NFTs) without a crypto wallet.
According to the announcement on Wednesday, Authentick wants to blur the lines between digital collectibles and Web2. Its platform allows non-crypto native users to buy NFTs from their usual online shopping platforms using payment methods that they are familiar with.
Authentick also announced key partnerships with Southeast Asia’s leading eCommerce platform Lazada, social media giant TikTok, and Shopify to headline the launch. Users will be able to purchase NFTs directly on Lazada, TikTok, and Shopify using traditional payment methods.
The company wants to bring digital collectibles to the masses by converting NFTs into formats that can be listed on popular Web2 platforms.
Commenting on the announcement, Boyko Draganov, CEO of Authentick said: “With “Authentick, users get to shop where they already shop, buy the brands they love, and pay in fiat, giving them easy access to digital ownership. We firmly believe that digital assets should be available to everyone and our partnership with Lazada and TikTok removes all barriers when it comes to owning a digital collectible.”
Authentick already has collections from all leading creators including Takashi Murakami, Chiru Labs, Adidas, and Yuga Labs listed on the Authentickator platform.
According to Draganov, his company’s partnership with the likes of Shopify and TikTok is just a “first step of its vision to become a digital asset platform that will eventually include services and products for Authentick-hosted wallets.”
The company also wants to curb scams and fraud in the industry by combining artificial intelligence (AI) and human review to ensure the safety, compliance, and authenticity of NFTs.
Parin Mehta, Venture Partner at Menyala commented: “Menyala seeks to invest in untapped opportunities by empowering builders to drive technological shifts. We are excited by what the Authentick team is building to create access and enable ownership of digital assets in an underserved market, which will pave the way for mass Web3 adoption.”
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