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Simba Chain, a US Defense Contractor, has Raised $25 Million to Support NFT Efforts

Simba Chain will be able to devote resources to emerging trends in the blockchain space thanks to a $25 million fundraising round headed by Valley Capital Partners.

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Simba Chain, a blockchain firm based in the United States that supplies technology to several US defense agencies, has secured more capital to help it scale and take advantage of new opportunities such as nonfungible tokens (NFTs).

According to an official release, Valley Capital Partners led the $25 million Series A funding round, including Notre Dame Pit Road Fund, Elevate Ventures, and Stanford Law School Venture Fund.

Simba Chain plans to use the new funds to expand many departments inside the company and devote resources to upcoming trends such as NFTs. The company is the go-to IT company for businesses, universities, and others looking to monetize digital and physical assets.

Simba Chain, a firm founded at Notre Dame, provides a cloud-based smart contract platform with enterprise-level security for businesses looking to implement blockchain technology.

ACCORDING TO THE CORPORATION, the US Air Force, Army, Navy, and Marines, and Boeing utilize the company’s technologies. Simba’s revenue has increased by 360 percent in the last 18 months, and the number of users has topped 6,000.

Simba Chain CEO and co-founder Joel Neidig remarked, “Users across many spectrums have embraced and verified the SIMBA Chain paradigm, which facilitates the implementation of smart contracts. The market has also reacted well to our support of many blockchains, including Ethereum, Avalanche, RSK, Stellar, and many others, which makes SIMBA Chain-based applications simple, extremely portable, and long-lasting.”

Simba Chain gained notoriety after the US Air Force chose to deliver a blockchain-based supply chain in 2019. Six months later, a U.S. Navy research division in California paid Simba Chain $9.5 million to construct a secure blockchain communications network for the Department of Defense (DoD).

The US Department of Defense has awarded the business another contract, this time to construct a proof-of-concept for a blockchain-based data management system. With their use of blockchain to establish a secure network for a virtual battle, Simba Chain won the Advanced Manufacturing Olympics, run by the Department of Defense, last year.

Simba Chain was awarded a $1.5 million grant by the US Office of Naval Research earlier this year to rebuild the US military’s supply chain with a blockchain-based solution to enable demand sensing for essential military armament parts.

NFT

OpenSea and Kakao’s Klaytn collaborate to expand NFT across Asia

Klaytn, a Singapore-based public blockchain platform, and OpenSea, a non-fungible token (NFT) market, established a cooperation on Friday to support the Asian NFT ecosystem.

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  • In order to showcase Asian NFT initiatives to a worldwide audience, the alliance involves conference collaborations and ecosystem awards.
  • The largest NFT marketplace in the world supports four blockchains: Klaytn, Polygon, Solana, and Ethereum.
  • The blockchain subsidiary of South Korean internet behemoth Kakao, Ground X, founded the Klaytn Foundation.
  • On its central bank digital currency (CBDC) pilot project, the Bank of Korea collaborates with Ground X.

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Projects

Shopify Expands Online Retailers’ NFT-Gated Options

Brands are able to increase the exclusivity of their shops thanks to the e-commerce platform.

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The future of e-commerce, according to Shopify, is in NFTs.

As a new option for brands wishing to make their stores more exclusive, the online retail behemoth, which enables small businesses to construct customized e-commerce shops, is providing NFT-gated storefronts, Shopify announced on Wednesday.

In the Shopify introduction video, which includes a skating woman who passes through a pastel portal and transforms into a Doodles NFT, a voiceover urges viewers to “invite their communities into a world that acknowledges and rewards devotion.”

The video explains that token holders can access special shopping opportunities by connecting a cryptocurrency wallet, including early access to drops and limited collections as well as one-of-a-kind experiences and other surprises.

Only individuals with existing NFT collections are able to apply for early access to Shopify’s “gm” shop, which is a gated merchandise store and a play on the Crypto Twitter acronym for “good morning.”

However, those that haven’t received approval yet can still integrate NFT token-gating apps like Shopthru or Single into their Shopify sites.

Shopify announced that it has already collaborated with the Adam Bomb Squad, Doodles, World of Women, Invisible Friends, Superplastic, Stapleverse, and Cool Cats NFT collections to develop token-gated shops as part of its token-gated business launch.

Shopify is introducing “IRL” token-gating in brick-and-mortar stores in addition to online token-gating, which restricts access to certain merchandise to authorized NFT holders exclusively.

Why is this important? The future of Web3 commerce will focus on exclusivity, for one thing. NFTs, which are distinctive blockchain tokens that denote ownership over an asset, are increasingly employed as membership cards, tickets to events, and “keys” to open benefits, despite the fact that they are frequently oversimplified as digital art or “jpgs.”

Additionally, this isn’t Shopify’s first venture into NFTs: The business has been involved with Web3 since last year, when it announced the launch of NFT sales on its platform. Brands can mine and sell NFTs on Shopify to clients using the Ethereum, Polygon, Solana, or Flow platforms.

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OpenSea, beware—Uniswap is pushing into NFTs

The NFT aggregation platform Genie is being purchased by Uniswap Labs, the organization that created the Ethereum-based decentralized exchange Uniswap.

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In a Bankless interview on Tuesday, Uniswap founder and CEO Hayden Adams said, “We’re attempting to transfer what we brought to the ERC-20 market to the NFT sector.”

You can buy NFTs—individual blockchain tokens that represent ownership—on a variety of different marketplaces, such as OpenSea, LooksRare, or Coinbase NFT. However, few allow consumers to buy many things at once, and none provide aggregation tools that let traders view listings on competing marketplaces.

According to Uniswap Labs on Twitter, “We see NFTs as another form of value in the burgeoning digital economy, and it’s a no-brainer for us to integrate them.”

The NFT aggregator Gem, which also enables customers to acquire numerous NFTs in a single transaction, was purchased by OpenSea just two months prior to the announcement of its acquisition by Genie. OpenSea intends to incorporate NFT aggregation functions into its primary platform, just like Uniswap.

A new tab dedicated to NFTs will be added to Uniswap’s main website later this year as part of the company’s push into NFTs, according to a statement from the company. Additionally, NFTs will be included in its developers’ APIs and widgets.

Uniswap Labs intends to airdrop an unspecified quantity of the stablecoin USDC to Genie’s early backers as a way to commemorate its acquisition. By April 15th, USDC will be given to everybody who had utilized the platform at least once or owned a Genie Genesis NFT. (The business had earlier tweeted that Genie Gem owners were eligible for the airdrop.)

Uniswap entered the NFT market for the first time in 2019 with Unisocks, an NFT that granted holders access to a real pair of socks.

The largest NFT market, OpenSea, has a floor price for Unisocks of 13 ETH (about $15,300) at the time of writing.

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