Capsid Raises $3 Million in Preliminary Seed Round

Image 1 : Capsid Invsetors
Image 1 : Capsid Invsetors

Distributed Global, 32-BitVentures, SpringWind Ventures, Xoogler.co and Capsid has received $3 million in funding from investors, including the Mask network. Most of the Angels investors were executives and senior people from Binance, Crust Networks, Huobi, Google, YGG and MetaCartel.

What is Capsid? 

Capsid is an NFT derivative protocol that aims to create a sustainable ecosystem for digital assets. The utility provides developer-friendly APIs by creating linked protocols. It strengthens user-oriented products and tries to enrich the utilities of NFTs and, therefore, expands the use cases and the adoption of digital assets.

 NFTs gained popularity very quickly in 2021. OpenSea, one of the top NFT marketplaces, announced a trading volume of $3.4 billion in August 2021. This jaw-dropping record peaked in just a few months. Moreover, OpenSea reached an all-time high transaction volume of $5 billion in January 2022. With this rapid increase in user base and appreciation comes massive growth on the supply side – analysis ultimately estimated between 20,000 and 50,000 NFT project sales each week as of January 2022.

In short, near-oversupply combined with limited utility will increase the value of NFTs and reduce the likelihood of general adoption of NFT. Capsid aims to solve this problem by enriching the utility of NFTs and additionally to build a sustainable ecosystem for digital assets.

NFTs represent digital assets. Similar to assets in the physical world (real estate, for example), NFTs are capable of generating much more benefits than just speculation or appreciation.

Capsid’s Solution

Capsid’s solution to underutilization and oversupply is to create more utilities for NFTs. The utility is to create connected protocols and provide developer-friendly APIs, as well as to create a sustainable ecosystem for digital assets by strengthening user-oriented dApps.

Capsid’s Protocol

Capsid mainly has the Hold To Win protocol. The goal with this protocol is to enable NFT owners to provide more utility to the ecosystem as well as generate income without the risk of losing ownership.

In this way, with the Hold-To-Win protocol, NFT holders can grant Non-Fungible Rights (these are NFTs in their own right). Non-Tradable Rights are tradable and therefore give the owner rights of use over the underlying assets. On the one hand, while creating an income system for the owner of the underlying assets, on the other hand, the right holder is authorized to develop and monetize NFT-derived works of art and/or services. In fact, we are not unfamiliar with this system. We can say that it has the same mentality with reNFT.

The sample handling of this protocol is automatic (in the sense that no manual agent is needed to facilitate the process). It will be launched with short-term rental of in-game assets for blockchain-based games. In the future, this system will cease to be just for blockchain-based games and will be adapted to other branches.

Capsid ‘s Ecosystem

APIs provide developer tools, for example, licensing and search functions, while the Capsid protocol serves as the base Third-party developers will be able to easily create tailored DAPPs for specific use cases.

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