NFT programming layer startup Revise has secured USD 3.5 million in its seed round led by AlphaWave Global & 8i. The financing round also saw participation from other significant investors including Sandeep Nailwal of Polygon, Scott Lewis of DEFI Pulse, Utsav Somani of AngelList, Bharat Founders Fund, and Rahul Chaudhary of Treebo. The company said that the funds will be used for hiring and expansion.
The platform was co-founded by by serial entrepreneurs Anil Dukkitpatty and Raunaq Vaisoha in January 2022 and offers developers the rails to program NFTs to interact with apps and data. Applications across industries are adopting NFTs. So far, the prime movers have been gaming, social media, music, sports, and various other spaces. This shift in adoption is taking NFTs from culture to utility. This means an NFT goes from a simple JPEG to an interactive object, the company said in a statement.
This takes NFTs from static images to interactive objects which can react to applications and real-world events. Enabling people to build their own interactive metaverse.
Speaking about the fundraise, Revise cofounder Raunaq Vaisoha said, “As NFTs go from culture to utility, Revise aims to lower the barrier to programming NFTs. With Revise in their toolkit, developers can offer creative and powerful utilities to their community through their NFT without sacrificing governance”.
Also Read: Turtlemint raises $120 million as valuation tops $900 million
“The entire NFT space has seen a massive narrative shift as people have discovered that NFTs can be more than just digital collectables or static assets. We see this shift happen in Gaming most prominently, but the abstract concept is broadly applicable to any real-world asset that can be tokenized. Further, as more complex utilities are built on NFTs, the aspect of traceability and transparency in governance will become front and centre,” Tushar Behl, Alpha Wave Global, said.
“What the team at Revise is building can become the most fundamental layer for NFT provenance and programming, much like Chainlink did for Defi! But most importantly, it is the passion and perseverance that both Raunaq and Anil have displayed has us excited about the boundless potential for Revise,” he added.
