Indian startup Revise raises $3.5 million to make programable NFTs

Indian startup Revise raises $3.5 million to make programable NFTs

NFT programming layer startup, Revise, has reportedly raised $3.5 million in its seed round, which was co-led by investment firm Alpha Wave Global and VC fund 8i Ventures.

Revise, co-founded by Raunaq Vaisoha and Anil Dukkipatty offers developers the ability to make their NFTs interact with their choice of data feeds, such as a web2 outlet like Weather.com or a web3 platforms like Chainlink.

NFTs (non-fungible tokens) have often been criticized for being nothing more than static JPEGs. However, as they are pieces of code stored on blockchain, they can be programmed to have different properties.

Recently, social media collaboration platform Pearpop introduced dynamic NFTs, where users can turn their social media posts into NFTs, whose value will increase as the post gains more engagement online.

Revise also aims at making NFTs change their properties as per the events taking place around them, like having a media content-based NFT change its property by interacting with data from a real-world performance taking place.

Vaisoha stated that a programmable NFT allows users to leverage their skill or interaction and makes the NFT’s properties rarer.

The seed round was joined by several entrepreneurs, including Sandeep Nailwal, founder of Polygon, Scott Lewis, founder of DeFi Pulse, Rahul Chaudhary, founder of Treebo, Utsav Somani, partner at AngelList India, and Pranav Maheshwari at The Graph, along with Bharat Founders Fund (BFF).

The newly raised capital will be going towards the hiring and expansion plans of the startup.

Initially, Revise would be launching with Polygon blockchain but plans on expanding to other blockchains in the future. Ludo Labs, a football NFT platform, is one of the customers of the startup.

The startup will also be including a layer of governance for storage via its data structure to effectively help developers manage disputes in a trustable manner.

Vaisoha explained that one issue with dynamic NFTs is having data off-chain, with many users ending up storing their NFTs on either an AWS S3 or a web2 layer. He added that this is what the startup’s data structure aims to solve.

Source credit: https://techcrunch.com/2022/04/28/revise-raises-3-5-million-to-build-rails-for-programming-nfts/