A16z Gets ‘Digi-Physical’ With $17 mn Funding
Web3 startup IYK, co-founded by Ryan Ouyang and Christopher Lee, aims to ensure the legitimacy of fashion items and provide unique consumer interactions. The company raised $16.8 million in seed round funding, led by A16z crypto, with participation from Collab Currency, Lattice Capital, 1kx, and Synergis Capital. The startup aims to provide fans with unique consumer experiences while ensuring the authenticity of designer merch.
IYK, a company serving clients like Adidas, 9dcc, and VÉRITÉ, embeds NFC chips in merchandise or apparel, allowing consumers to confirm authenticity by tapping their smartphones. In return, customers receive NFTs and exclusive brand offerings, while businesses gain insights into ownership and maintain direct customer communication.
(With inputs from Shikha Singh)
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