Metaverse Data Platform Centered on Elrond, Itheum Receives Funding Round of $1.5M
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The Elrond Dubai Incubator, created by Morningstar Ventures in October 2021, will produce Itheum, its inaugural initiative. For the Elrond-based Itheum initiative, the $1.5 million seed investment from Morningstar Ventures ensures proper development from its beginning phases so it may realize its full potential.
The incubator is a $15 million investment by Morningstar Ventures to expand the Elrond ecosystem by attracting new developers and ideas. Faster transaction processing is possible because of Elrond’s unique state-sharding technique. This opens the door to more sophisticated products and services that utilize blockchain technology and smart contracts.
Danilo, CIO at Morningstar Ventures investor who lead the seed round said:
“After receiving interest from 100s of projects over the last three months since our announcement of our Dubai Elrond Incubator, and deep-diving on a dozen of quality projects, we couldn’t be more excited to reveal Itheum to our community. The Itheum team has taken the complex (and serious) technological challenge of decentralized data ownership and trading and made it “sexy and relevant” by building consumer data products in the NFT, Gaming and Metaverse domains.”
There is a lot of promise for Itheum’s decentralized multi-chain data brokerage platform in the Middle East, where the team and investors already have a strong presence, and the company views the UAE market as a first step toward making this platform a reality.
Itheum’s infrastructure will be further developed to serve as the backbone of the Web3 ecosystem and the “Open Metaverse” after the investment round. Using the Data DEX, users will be able to trade data with each other, mint their own NFTs, communicate with other data avatars, and participate in cross-metaverse data commerce. They will also be able to affiliate themselves with Data Coalition DAOs.
There is already a multi-chain and linked data-driven Metaverse in the works thanks to Itheum’s core infrastructure, which is currently deployed on Ethereum, Polygon, and Binance Smart Chains.
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