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Mnemonic, an NFT Infrastructure Startup, Emerges from the Shadows with $4 Million in Funding

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The past 12 months will be remembered as the year that NFTs exploded onto the scene. Non-fungible tokens have been around since 2014, but their cultural significance grew in 2021, with floats in the Macy’s Thanksgiving Day Parade and art and music penetrating practically every business. Despite this, the multibillion-dollar market grew swiftly this year without a vital component to support it: appropriate infrastructure. Mnemonic, based in San Francisco, aims to change that.

“We saw there was this essential information lacking in order to unlock the possibilities and value in this sector, this data layer of everything that has ever transpired in the NFT field,” Andrii Yasinetsky, co-founder and CEO of Mnemonic says. While this information was previously available to the public, Mnemonic hopes to make it easier for businesses to explore and manage the NFT market and develop their applications using its API. The firm has been in secret mode since April 2021, but it has already forged collaborations with well-known names in the industry, such as Dapper Labs, Yat, and Mintable. In addition, the firm just received preliminary investment and plans to launch to the general public in the first half of next year.

According to the Midas Touch newsletter, Mnemonic secured $4 million in a round headed by Kenetic, with participation from Monochrome Capital — where Mnemonic co-founder Ben Metcalfe is a founder and managing partner — Sound Ventures and Tribe Capital, as well as angel investors. Tribe Capital understood it wanted to invest in the NFT area but didn’t know where to start, according to business partner Jared Madfes. Tribe Capital was introduced to Mnemonic by Kenetic founder Jehan Chu, who led the funding round. Its potential scale appealed to the firm, and it could see how its technology could benefit some of its existing portfolio companies. “Pretty much every company is an Internet company,” Madfes says, “and NFTs for a large variety of them will be involved in that. To reference and track this, you’ll need a system like Mnemonic. This is a key component of many companies’ Web3 plans.”

According to the inventors, Mnemonic’s potential applications go far beyond tracking and compiling NFT data. According to Metcalfe, luxury goods authentication could be a future use case. Brands like Louis Vuitton might convert their authenticity certificates into NFTs and utilize the technology to track whether their products are being resold. “It has a lot of merit to show transparency and empower individuals to do things with public data,” Metcalfe adds, “because everyone has access to the data and can build off of it.” Several Fortune 500 companies have expressed interest in the startup. Mnemonic’s third co-founder, Elena Ikonomovka, believes that there will be applications in gaming and the metaverse in the near future, in addition to fan involvement and creator tools.

Artist Kevin McCoy produced the first NFT in 2014, three years before the phrase was used. When Dapper Labs established NBA Top Shot, a marketplace where users may purchase and sell NFTs of significant NBA plays and moments, the medium took off. When digital artist Mike Winkelmann (Beeple) sold an NFT for more than $69 million at Christie’s earlier this year, the market earned even more clout. According to data from analytics firm DappRadar, more than $10.7 billion was spent on digital mementos in the last quarter. Mnemonic joins a small but increasing group of startups focusing on the B2B side of the business, such as Islands, to help creators get into the NFT arena.

“There is a lot of interest and demand,” Yasinetsky says. “As the rate at which this data is produced is increasing every single day, we believe it is critical to supply and construct more data visibility, actionability, and accessibility to this data.”

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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