30 August 2022, AUSTIN, Texas —  Penny Jar Capital, Corazon Capital, 6th Man Ventures, Canonical Crypto, and well-known angel investors Sebastien Borget, Mark Cuban, Keith Grossman, and Patricio Worthalter announced USD 5 million in seed  funding of tokenproof, a simple and safe method to unlock the value of Non-Fungible Tokens (NFTs). Tokenproof makes it simple for businesses to use tokens as an extension of their brand – whether in the real world or online – and enables owners to enjoy the benefits of their NFTs without putting them in danger.

According to Alfonso (Fonz) Olvera, Founder and CEO of tokenproof:

“eliminating the needless danger of connecting or carrying a digital wallet is vital for popular use of NFTs. We are committed to giving users the protection and privacy they deserve while making it simple for businesses to use the potential of NFTs and engage with customers in exciting and original ways.”

Tokenproof issues a proof of ownership credential following a one-time verification of a user’s digital wallet, while the physical wallet is left safely unconnected. To authenticate and unlock the value of NFTs, such as access to an invite-only event, a membership benefit, or a shopping experience – offline and online – the tokenproof mobile app generates dynamic QR codes. Businesses who use tokenproof for verification can alter the user experience with various customizable authentication criteria, such as VIP access, special offers, or access to restricted information.

Tokenproof powered over 75 events at this year’s NFT NYC, the premier non-fungible token conference, including the Bored Ape Yacht Club’s ApeFest. This made tokenproof the preferred ticketing option in Web3 and provided guests and hosting businesses with a seamless experience.

Kerem Atalay (EmperorTomatoKetchup), the co-founder of Yuga Labs, said of the tokenproof team: 

“They were fantastic collaborators and a delight to work with. Excited to work with them again and to see where they go from here.”

With the money, the company will be able to expand its use cases for NFT verification, including online services and retail settings, building on its success at real-world and virtual events.

Bryant Barr, the co-founder of Penny Jar Capital, stated: 

“We believe NFTs can alter how brands communicate with customers, but only with frictionless on-ramping and enhanced security.” “Fonz and crew are establishing a safe mechanism to capture the value and benefits of NFT ownership, which is solving this enormous Web3 challenge.”

Realizing the value of Non-Fungible Tokens (NFTs) online and offline is made simple and secure by tokenproof. Founded in 2022, tokenproof makes it simple for brands to use tokens as an extension of their brand – for accessing exclusive events, retail experiences, online services, membership benefits, or more. Users can enjoy the advantages of NFT ownership in a secure manner that respects privacy.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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