Tokenproof Raises $5 Million in Seed Funding

Image 1 : Tokenproof Announcement
Image 1 : Tokenproof Announcement

AUSTIN, TEXAS , August 30, 2022 Tokenproof is a safe and easy way to reveal the value of Non-Fungible Tokens (NFTs). Today, a $ 5 million fund was obtained in seed financing led by Penny Jar Capital. In addition, prominent angel investors such as Capital, Corazon Capital, 6th Man Ventures, Canonical Crypto and Sebastien Borget, Mark Cuban, Keith Grossman and Patricio Worthalter were among the participants. 

In addition to enabling NFT holders to enjoy product benefits without putting them at risk, Tokenproof makes it easier for companies to leverage tokens as an extension of their brand in the real world or online. 

According to Technavio’s July 2022 report, the NFT market is expected to grow by $147 billion over the next five years as an increasing number of big brands enter. However, using NFTs brings significant risks both for individual users and for brands. This is because in order for the value of an NFT to be revealed, a user needs to connect their digital wallet to use the tokens. This reveals not only the NFT that is needed, but also all the other assets that are in the wallet. This is where Tokenproof comes in. It eliminates this risk by creating credentials that serve as proof of ownership of the digital wallet and its assets. 

“Eliminating unnecessary risks, such as linking or moving a digital wallet, is crucial for the widespread use of NFTs,” said Alfonso (Fonz) Olvera, Founder and CEO of Tokenproof. “We are dedicated to providing the security and privacy that users deserve while making it seamless for companies to uncover the possibilities of NFTs and connect with people in engaging and creative ways.”

Once a user verifies his digital wallet, tokenproof issues a certificate of ownership, while the real wallet is securely disconnected. Tokenproof’s mobile application generates QR codes to verify and unlock the value of NFTs, and then users can safely enjoy membership benefits or access an invited event, whether in the real world or online.  Companies that use tokenproof for verification can customize the experience with flexible authentication rules, such as VIP access, discounts, or exclusive content.

At this year’s NFT NYC, over 75 events are supported by tokenproof, including the leading non-fungible token conference, Bored Ape Yacht club’s ApeFest. It offers a seamless experience for both the exhibitors and the hosting companies. 

Kerem Atalay, co-founder of Yuga Labs (EmperorTomatoKetchup), said, “The Tokenproof team have been great partners and it has been a pleasure to work together.” “I can’t wait to see where they go from here and I can’t wait to work with them again.”

The funding will accelerate the expansion of additional use cases for NFT verification, including the company’s online services and retail experiences.

Penny Jar of Capital founding partner, Bryant Barr , “We believe that NFT will transform the way customers connect with brands, but only with continuous progress and more security,” “Fonz and his team are solving this huge Web3 problem by creating a secure way to realize the value and benefits of NFT ownership.”

About Tokenproof

Tokenproof is an easy and secure way to understand the value of Non-Fungible Tokens (NFTs) online and in the real world. Founded in 2022, tokenproof enables users to enjoy the benefits of NFT ownership in a privacy-respecting secure manner, while also making it easy for brands to leverage tokens as an extension of their brand, whether it’s access to special events, retail experiences, online services.

About Penny Jar Capital

Penny Jar Capital is an early-stage venture fund founded by Bryant Barr and Rich Scudellari. As complementary capital, Penny Jar invests in future category-leading companies in many industries.

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