With $4M from Kenetic, Monochrome Capital, Sound Ventures, and Tribe Capital, Mnemonic’s platform provides key foundational infrastructure as the first B2B non-fungible token company
Today Mnemonic, a NFT intelligence platform powering blockchain applications, announces the launch of its APIs and cross-chain aggregation platform. As the first B2B NFT company, Mnemonic is backed by top-tier funds with a deep understanding of and ties to the blockchain ecosystem. The company has raised $4 million in seed funding led by Kenetic alongside Monochrome Capital, Sound Ventures, Tribe Capital, and prominent angels from Coinbase, IntoTheBlock and People.ai.
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Introducing the “Plaid for NFTs.” The first non-fungible tokens emerged in 2017, and by 2020, 30,000 to 80,000 NFTs were changing hands weekly. The blockchain industry boom was further accelerated by the Covid-19 pandemic, with more than $2 billion spent on NFTs during the first quarter of 2021 — a 2,100% increase from the fourth quarter of 2020.
Mnemonic provides the data infrastructure layer for the next era of NFT companies. Similar to how Plaid’s technology platform powers fintech and digital finance products, Mnemonic’s API data platform is a foundational component that can power any NFT-based application. Mnemonic enables developers to instantly access and quickly build new applications on top of its cross-chain aggregation platform and APIs.
This first-of-its-kind NFT intelligence platform plays a critical role in transforming the enterprise layer by offering rich data, insights and infrastructure for the next era of NFT companies engaging today’s fans in crypto and commerce. The company’s APIs bring much needed clarity into the behavior of token owners and market dynamics, offering reliable and scalable search of all NFT data, cohorts and contract activity. Developers can access Mnemonic’s APIs to build applications with rich NFT data they would not otherwise have, while its dashboards allow collectors and enthusiasts to follow their favorite collections.
Current partners include major NFT companies Dapper Labs, Yat, and Mintable, who leverage Mnemonic’s API for their respective technologies. To showcase the power of its data, Mnemonic is launching the first version of its platform with live collections from blue-chip NFT partners Lazy Lions, Gutter Cat Gang, and World of Women. From small developers embarking on new NFT projects to crypto-native startups to Fortune 500 companies and brands, Mnemonic provides previously unobtainable data infrastructure for building NFT applications.
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Transforming Digital Ownership. The future of NFTs is the future of digital ownership of anything, from Bitcoin to luxury handbags to legal agreements. NFTs invite radical new ways for people to participate in the openness of blockchain, and create the possibility of programmable relationships and new revenue streams driven by scarcity and uniqueness. The open nature of NFTs means that this technology enables win-win business models, aggregation with value and opportunities being created in many different places–whether in the form of golden tickets, digital twins, in-game assets, metaverses or virtual stores. For brands and creators, NFTs offer a new way to engage with passionate fans and create life-long relationships that will transform how we decide what gets created next. This has a major impact on a wide range of industries, from gaming to finance to legal, including:
- Real-world transactions, marketplaces, and wallets, i.e. selling luxury items on The RealReal with NFTs providing provenance and authenticity
- Fan engagement, i.e. owning the assets of a game while unlocking rewards for playing
- Velvet rope access to virtual and physical experiences or benefits in metaverses
- Creator tools and how we update our online identities
- Transforming how we sign and track legal agreements in the digital world
“Most of the world knows about NFTs because of their association with cryptocurrency, but their impact on the world and how we do business will extend far beyond that,” said Andrii Yasinetsky, CEO and co-founder at Mnemonic. “We built Mnemonic because we recognize the impact NFTs will have on the future of digital ownership, and we are excited to play a foundational role in the industry’s scalability and data transformation in the years to come.”
“Mnemonic is pick-and-shovel infrastructure for the NFT industry, and pioneering next-generation data and B2B NFTs for use in the financial, industrial and enterprise ecosystems. Kenetic is incredibly excited to support Mnemonic on its journey to expand the imaginable future of NFTs,” said Jehan Chu, managing partner and co-founder of Kenetic.
Built by engineers and executives formerly at Uber, Google, and Reddit, Mnemonic’s co-founders have decades of collective experience building companies and big data platforms that scale to millions of transactions per second, and have served enterprise clients in mission-critical applications. Elena Ikonomovska was previously the first data scientist at Reddit; she also created and led the department of machine learning and AI at Change.org. She holds a MSc and PhD in machine learning. Ben Metcalfe is a venture capital fund manager, co-founder of WP Engine and was previously Senior Product Manager at Uber, where Andrii Yasinetsky worked as a lead engineer on Uber’s core logistic platform, marketplace dynamics and later the self-driving API platform at Uber ATG. Yasinetsky also spent four years working on Google Analytics. Denys Nevozhai, a lifelong designer, previously designed UX across Google Nest and Assistant.