October 2, 2023

Web3 Startup IYK Raises $16.8 Mln For Fostering NFT-driven Infrastructure

IYK NFC chips

IYK NFC chips

IYK, a startup that is leading the trend of tech-connected apparel, has announced seed funding to expand its NFT-driven infrastructure.

The company has also launched a platform to automate the process for brands that want to incorporate a digital element into their fashion and other products.

On Thursday, IYK made a statement saying that it has raised $16.8 million in funding led by venture capital giant Andreessen Horowitz, with participation from Collab + Currency, 1kx, Lattice Capital, Synergis Capital, Palm Tree Crew, and Coop Records.

The funding round also included prominent Web3 creators and entrepreneurs, such as Art Blocks founder and CEO Erick Calderon, 9dcc fashion brand founder gmoney, and photographer and Quantum Art co-founder Justin Aversano, who chose to remain anonymous.

IYK is a company that offers NFC chips that can be embedded in clothing and other products. They also provide the necessary infrastructure to connect these chips to blockchain tokens or NFTs. This technology allows people to scan a connected item, such as a t-shirt, cap, or toy, with their smartphone to access a tokenized certificate of authenticity. This certificate can also serve as an access pass to digital content and communities.

IYK has already partnered with well-known brands, including Adidas, Atlantic Records, Billionaire Boys Club, and Johnnie Walker, as well as crypto brands like Coinbase, MNTGE, Pudgy Penguins, and 9dcc.

During the NFT NYC convention, Adidas produced a limited edition of only 512 tokenized t-shirts. The authenticity of each piece was verified using IYK’s NFTs, which also added one of eight digital “Alter Egos” linked to each shirt.

MNTGE also implemented IYK’s technology to pair their customized vintage jeans and jackets with digital twins that may have future utility in online worlds. Additionally, Gmoney’s connected apparel brand, 9dcc, utilized IYK’s chips to authenticate their limited-run releases and implement a loyalty program.

They recently launched a digital signature feature that allows holders of the 9dcc x Jeff Staple baseball cap to get their caps “signed” via smartphone tapping, and the signature is permanently tied to an Ethereum NFT.

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