- Americana has acquired $6.9 million in initial investment from Seven Seven Six.
- The chip transforms anything into an NFT.
NFTs are utilized for much more than merely verifying ownership of a JPEG on the internet. Designer Jake Frey established Americana Technologies early last year to let businesses and artists transform physical items like streetwear, collectibles, automobiles, and artwork into NFTs.
Unique Innovation
The NFTA Universal Chip, which can be connected to a physical item and connects it to the blockchain, is the startup’s primary product. Frey cited the example of the conventional art sector as a good one. The chip, he continued, transforms anything into an NFT, allowing you to scan artwork and view its whole online presence and ownership history on your phone.
Using the blockchain to store information about a physical thing-provides a way for an artist or creator to receive royalties each time the piece is sold.
NFTs have produced millions for digital artists and creators, such as illustrators and 3D designers, but Frey added that they are just a tiny percentage of all creators. According to Frey, the other 99 percent of creators, those who do not create digitally but rather with tangible objects—were the inspiration for his original concept for Americana. He refused to say how many consumers or artists are now utilizing his platform.
According to the startup, Americana has acquired $6.9 million in initial investment from Seven Seven Six, the venture capital firm founded by Alexis Ohanian, and NFT marketplace OpenSea and rapper Future. It makes sense for Frey to combine with Ohanian, who co-founded the social networking site Reddit, due to his track record in fostering online communities and making money from them.
