Malaysian based venture capital firm Winacore Capital has announced that it will be investing an undisclosed amount in 36NFT, an emerging Web 3.0 startup.
The investment will enable 36NFT to fund internal proof of concept projects, increase staff headcount and for general working capital.
36NFT aims to ease the transition of businesses into the Web 3.0 ecosystem, predominantly through the tokenization of assets using blockchain technology.
Web 3.0 is the third iteration of the Internet that interconnects data in a decentralized way to deliver a faster and more personalized user experience. It is built using artificial intelligence, machine learning and the semantic web, and uses the blockchain security system to keep your information safe and secure. Decentralization, openness and incredible user utility are the defining characteristics of Web 3.0.
NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs can represent real-world items like artwork and real estate. “Tokenizing” these assets makes buying, selling, and trading them more efficient while reducing the probability of fraud. NFTs can also function to represent individuals’ identities, property rights, and more.
Commenting on the investment, Ethan Chung, Founder of 36NFT said, “The investment and support from Winacore Capital will help us significantly with our vision to assist other ventures that are keen to enter the Web 3.0 world.”
Ashwin Chockalingam, Founder and Investment Director at Winacore Capital, said, “We are of the belief that Web 3.0 has true utility and value, when there is proper thought and execution behind an idea. We are excited to be backing Ethan and his team at 36NFT in their pursuit of bringing tokenization thought and execution expertise to the ideas of other ventures.”
He will also be taking an active role in the company, predominantly from a finance perspective.
For more information on 36NFT, visit https://36nft.io/