Jay-Z-Backed Web3 Startup Garners $14M Funding
Spatial Labs presented the revolutionary idea of ‘Wearable Internet’, when founder Iddris Sandu brainstormed with his good friend and multi-platinum hip hop artist, Jay-Z. The disruptive LNQ Chip technology aims to bridge the gap between physical and digital wearables. Furthermore, the LNQ Chip, which can be embedded or sewn into physical clothes, makes another copy of the item so it can be used in Web3. In addition, the 13mm chip links with dynamic NFTs on Polygon (MATIC). Thus, the hardware can connect brands with their audience via NFC technology. For instance, constantly updated content can be uploaded directly to the 13mm chip’s metadata. EXCITED to announce that Spatial Labs has closed a $10M seed raise from @blockchaincap & JAY-Z’s MVP - bringing total funding to $14M. The goal is to make Web3 fashion accessible and interoperable with the physical world’s fashion industry while bringing much-needed sustainability. The founder of Spatial Labs, Mr. Sandu, tackled the issue of fast fashion – an industry deemed one of the most wasteful and polluting. In the last decade the World Wide Web revolutionized the way computers talked to each other. Commenting on the issue, Sandu remarked that people are interested in preserving nature, but what stops them from actually contributing towards it is the unbearable prices. “We haven’t gotten to a space where those sustainable products are equally within the same price range as the products that are not,” – says Sandu, implying that talking about sustainable fashion usually feels like confirmation of social status, as only extremely wealthy people can find the money to wear eco-friendly clothes exclusively. Sandu and his brainstorm buddy, the multi-platinum rapper and entrepreneur Jay-Z, take their inspiration from the blockchain. Indeed, blockchain technology has already made huge strides in sustainability, as the second largest digital asset Ethereum (ETH), switched to Proof Of Stake (PoS) in mid-2022. Hence, energy consumption levels have dropped by a shocking 99.99%, making crypto and blockchain technology more attractive to the public. In a nutshell, Spatial Labs believes that the same efficiency can be achieved in the fashion industry with the help of blockchain technology and suitable, accessible hardware solutions. While it may be hard to convince many business owners, the Web3 startup makes the change bit by bit and is here to stay. 5. Most #Web3 companies are in the habit of overpromising and under-delivering. More real world utility for Web3 companies can significantly accelerate crypto adoption worldwide. Learn more about crypto adoption with these fascinating stories: Oreo Rolls into the Metaverse – Will It Crumble or Be Cream of the Crop?
This is historic as one of the largest double digit seed raises in VC history by a founder (25) of color @TechCrunch https://t.co/DwZYUmhQw1Bringing Sustainability to Blockchain and Fashion
In the next one, @spatial_labs will revolutionize how outerwear, wearable accessories & footwear will communicate + exchange information with one another through rich forms of metadata. https://t.co/L4lp07CbKz
A huge part of Web3 innovation will be time; which it seems several #Web3 startups lack the patience for.@spatial_labs is dedicated to solving very complex issues w/ utility; & that will take time.On the Flipside
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Read more: https://dailycoin.com/jay-z-backed-web3-startup-garners-14m-funding/
Text source: DailyCoin.com
