OKX Ventures, GSRV co-lead $2m seed round for decentralized identity platform Nametag

OKX Ventures, GSRV co-lead $2m seed round for decentralized identity platform Nametag

Published: 22-12-2022 11:02:00 | By: Pie Kamau | hits: 4274 | Tags:

Nametag, creators of the new standard for end-user identity verification with web3, announced a $2 million seed round co-led by GSRV and OKX Ventures, with participation from Coinbase Ventures, Alchemy Ventures, Continue Capital, Mask Network, and Project Galaxy, along with strategic angels Cryptodog, Spencer Yang, and Wesley Fei. Nametag will be utilizing these funds to support their mission of empowering users to take ownership of their own digital identities and interact in new ways. 

Nametag is a social profile that allows a to showcase their digital collections and accomplishments on the platforms they use the most. This is powered by the Nametag Web Extension which enables users to preview verified credentials (Nokens) and badges collected by other users. Nokens represent a person's actions online.

This includes in-game rankings and assets, notable followers, and community involvement across the Internet. Users can curate galleries of their collectibles, achievements, and badges that will appear across all of the Nametag supported apps! To start, users will be able to see each others’ Nametag profiles directly on Youtube, Twitter, and Discord.

Victor Cheng, CEO, Nametag: “We know that people have been collecting digital goods for a long time, and we’re proud to be the profile that lets them share those goods universally.”

When Nametag was launched in late spring of 2021, the team envisioned an Internet where an individual’s username is universally recognized and owned. Gone are the days of platforms “lending” you a handle. Nametag knew using NFTs as proof of ownership tokens was only the beginning. Since, it has evolved to become an interoperable social profile that platforms can utilize. Currently, there are 150,000 users who have interacted with the Nametag ecosystem, of which 50,000 are unique holders.

Nametag wants to help onboard the next 100 million users into crypto. It is imperative to meet users where they are, on the platforms they are already using. By enabling Nokens, Nametag will be the catalyst for the gamification of the Internet. Some examples include displaying one’s in-game rank and rare items, being followed by industry leaders, or badges issued by your favorite influencers. The things people are proud of today can be shared anywhere online, which includes all things social, gaming, educational, and professional.

Wei Li Tan, Partner, GSRV: “Enabling users to have great social experiences is a key element in growing the web3 ecosystem, as we are starting to see communities form around NFTs, gaming and other types of media. We are excited with how Nametag is enabling users to form universal social identities and rapidly build communities around shared interests, across any type of media.”

Jeff Ren, Head, OKX Ventures: “OKX Ventures is proud to co-lead the seed round for Nametag, a company that we believe will help ignite the next wave of web3 adoption. By leveraging interoperability, creativity, and identity, Nametag is opening new doors for consumers to join the metaverse with decentralized social profiles. We look forward to helping Nametag scale to millions of crypto users.”