Investment in social network firm Big Whale Labs

Phoenix Digital Assets

07/10/2021 07:00

RNS Number : 2742O

NFT Investments PLC

07 October 2021

 

Press Release

07 October 2021 

 

 

NFT Investments PLC

 

("NFT Investments" or the "Company")

 

Capital investment into social network platform Big Whale Labs

 

NFT Investments PLC, (AQSE: NFT), an incubator specialising in the market for non-fungible tokens ("NFTs"), is pleased to announce an investment of CAD$100,000 into start-up Big Whale Labs, a decentralised social network platform.

 

The investment is being made as part of a CAD$655,000 pre-seed funding round raised by Big Whale Labs and led by venture capital firm Slow Ventures with participation from Samsung Next, Intonation Ventures and a series of angel investors including Alex Shin cofounder of Hashed, Korea's largest Crypto venture capital fund. Big Whale Labs is incorporated in Canada.

 

Big Whale Labs is using Web 3.0 technologies to reimagine what digital identity and the interconnection of relationships in an online social network could be. Their first product allows people to build and interact as pseudonymous NFT identities but with verified credentials and reputations attached to these NFTs. Their tool will be built on the Ethereum blockchain. Big Whale Labs plans to use the new funding to accelerate product development ahead of the launch of its first product and tools.

 

Jason Kim, chief executive and co-founder of Big Whale Labs, said: "Big Whale Labs' mission is to enhance human-to-human connection online to make social safer, fun, secure, and free. Our goal is to both enhance how web 3 communities interact on web 2 platforms like Discord and Telegram and to also introduce new mechanisms that are completely native to web 3 like owning fractional identities, your social graph, and pseudonymous but verified credentials."

 

Jonathan Bixby, Executive Chairman of NFT, said: "I am delighted to announce our partnership with Big Whale Labs and our third investment to date. Social networks are ripe for disruption by decentralised technologies and we expect this to be a growing future market. We are proud to support Big Whale Labs alongside a roster of high calibre investors."

For further information please contact:

NFT Investments
Jonathan Bixby
Executive Chairman
Neil Thapar
Investor Relations
via Tancredi +44 207 887 7633
+44 7876 455 323
First Sentinel
Corporate Adviser
Brian Stockbridge
+44 7876 888 011
Tennyson Securities
Corporate Broker
Peter Krens
+44 207 186 9030
Novum Securities
Corporate Broker
Colin Rowbury
Jon Belliss
+44 207 399 9427
Tancredi Intelligent Communication
Media Relations
Salamander Davoudi
Helen Humphrey
Edward Daly
nftinvestments@tancredigroup.com
+44 7957 549 906
+44 7449 226 720
+44 7861 430 057

 

NOTES TO EDITORS:

·   NFT Investments plc is an incubator specialising in the market for non-fungible tokens ("NFTs") and is the first ever NFT vehicle to list in a major jurisdiction worldwide. The Company invests in a diversified portfolio of NFTs, cryptocurrency, and/or in companies or funds which have exposure to NFT or blockchain technology. The Company's leadership team have an extensive track record in the cryptocurrency sector and previously founded Argo Blockchain PLC, a global crypto miner. NFT Investments is headquartered in London, UK and its shares are listed on the Aquis Exchange Growth Market under the ticker symbol NFT. https://www.nftinvest.pro/

 

·    Web 3.0 is the third generation of internet services for websites and applications that will focus on using a machine-based understanding of data to provide a data-driven web in which data in web pages is structured and tagged in such a way that it can be read directly by computers. The goal of Web 3.0 is to create more intelligent, connected and open websites. Smart home appliances using wireless networks and the Internet of Things are two examples of how Web 3.0 is already impacting technology.

 

 

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