NFT startup Revise has raised $3.5 million in its seed funding round from AlphaWave Global and 8i.
Many investors including Bharat Founders Fund, Sandeep Nailwal, Co-founder of Polygon; Scott Lewis, Founder of Defi Pulse; Utsav Somani, Angel List, and Rahul Chaudhary, Co-founder of Treebo, were also participated in this round.
The Platform will use the funds for hiring and expansion. Currently, Revise SDK is live, and developers can sign up for its private beta mode to use it.
Users including Ludo Labs are using the platform to get many exciting gifts for their NFT collections, such as tickets for football matches.
“As NFTs go from culture to utility, Revise aims to lower the barrier to programming NFTs. With Revise in their toolkit, developers can offer creative and powerful utilities to their community through their NFT without sacrificing governance”, said, Raunaq Vaisoha, Co-founder and CEO.
Revise was launched by Anil Dukkipatty and Raunaq Vaisoha, previously they co-founded blockchain startup Elemential Labs.
The startup plans to help developers convert their static NFTs into interactive NFTs that can adapt to apps and real-world events.
It provides customizable solutions and allows developers to choose a storage layer, including Web3 layers like IPFS or Web2 layers like Amazon S3.
“I am happy to support Raunaq and Anil’s vision for the NFT space. Programming NFTs unlocks powerful new ways for artists and developers alike to express their creativity and bring people closer to becoming Web3 natives. Excited to be on board this journey with them”, said, Sandeep Nailwal, Co-founder of Polygon.
“The entire NFT space has seen a massive narrative shift as people have discovered that NFTs can be more than just digital collectables or static assets. What the team at Revise is building can become the most fundamental layer for NFT provenance and programming, much like Chainlink did for Defi.”, said, Tushar Behl, part of Alpha Wave Global’s investment team.
Revise offers developers the rails to program NFTs to interact with apps and data. This takes NFTs from static images to interactive objects which can react to applications and real-world events.
Applications across industries are adopting NFTs. So far, the prime movers have been gaming, social media, music, sports, and various other spaces.
This shift in adoption is taking NFTs from culture to utility. This means an NFT goes from a simple JPEG to an interactive object. For instance, games like Aavegotchi, ZedRun and Axie Infinity have created massive and engaged fanbases by having their NFTs be more than just profile pictures, but rather something people can interact with and influence through their gaming skills.
This shift in the business model for applications, from a closed one-to-one user, can participate, will be all-pervasive using NFTs. In that world, the stack for programming NFTs to be responsive to applications will be a fundamental tool in a developer’s toolkit.