Web3 Initiative IYK Started Investment Round Led by a16z ! Adidas and brands like Johnnie Walker that will provide tools that help bridge the physical and digital world, web3 initiative IYK, raised 16.8 million dollars from seed financing led by A16z Crypto.

In the announcement, IYK stated that ventures like 1kx, Collab Currency, Lattice Capital, and gmoney were among the other investors in the round.

According to information received, IYK was a graduate of the a16z Crypto Startup School that usually invests 500.000 dollars in participating ventures in exchange for 7% equity.

It is not clear when IYK started to increase for the seed round and when the company closed this. Co-founder Ryan Ouyang did not make a statement about the investment round. He also refrained from making a statement about the seed round structure.

You might like: Coinbase Launches Futures Trading for Retail Users

What is IYK?

IYK is a Web3 initiative that allows brands, musicians, and creators to create experiences by establishing a digital-physical connection. It also helps reward their customers and fans, and keep in touch with their communities.

Its products include a near field communication chip that helps to tokenize physical products and events, including NFTs. IYK also uses developer APIs and modules for greater personalization of the experience.

The company said that it incorporated more than 100 creators since 2021. It is preparing to launch its self-service program to incorporate more creators.

Ouyang said, “As a content creator on the IYK platform, you can choose to create a ready-to-use experience with code-free tools, or invite developers to reorganize and expand the experience as much as you want with IYK APIs.”

He also said, “We are not locking you into a type of chip, an authentication system, and even our domain.”

“Compare this with competitors like Collect.ID or LNQ that direct you to the first-party experiences, require consumers to open an account with themselves, and sometimes force consumers to download their mobile apps,” he added.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube and Twitter channels for the latest news and updates.