VRYNT, a blockchain Startup based in Los Angeles, has raised $1.5 million in seed funding to help influencers harness the true power of their audiences.
The funding round counted with participation from several strategic partners like 15X Grammy Award-winning Mix Engineer/Producer Jaycen Joshua and Steve Miller, Co-Founder of Anomaly Create. The capital will allow VRYNT to focus on its aggressive growth efforts with the aim to launch the beta version of its platform during the first quarter of 2022. Steve Miller referred to his participation in the round by stating:
“VRYNT completes this disruptive transformation with the democratization of economic rewards for a new generation of community generated content. As a result, our artists now have the full package of influence and reward to successfully drive into the next evolution of NFTs and the Metaverse.”
VRYNT was created with the mission to bring e-Commerce based NFT monetization to the upcoming Metaverse with an entirely decentralized model which gives control back to influencers and brands by removing the middleman. The startup, which has its corporate offices in The Sandbox, will focus on providing tools for the creation of NFTs in an easy manner, allowing fans to acquire packs of component cards to support their favorite creators. Eric Meyer, Vice Chairman of VRYNT, said in this regard:
“The VRYNT platform is poised at the crossroads of disruption in commerce, entertainment, and a new economy of ‘meta-Culture’ value creation. VRYNT offers Social Influencers transformative financial control of their respective brands and a fresh way to engage their audience.”
While the NFT ecosystem has grown in popularity over the past months, it has remained highly centralized as a result of the push by major players in the crypto space to create their own marketplaces. This centralization combined with the hype around the Metaverse has resulted in an increasing demand for decentralized NFT marketplaces, which startups like VRYNT are aiming to capitalize on.