Even in times of market volatility, investors are still looking for the next generation of killer applications in web3. They argue that the portal to user-facing applications in the decentralized land is a piece of identity system.
Entrepreneurs have come up with a variety of solutions. Magic is a San Francisco-based startup that wants to make it easy to access DID. There is a feature that can be used with web2 identity systems. The.bit is based in Singapore and was founded by two Tencent veterans.
Los Angeles-based Carv is attracting investor attention. The company raised $4 million and was valued at $40 million. The round was led by a firm called Vertex.
Carv is taking a different approach from other DID solutions by focusing on gaming first. It has an engine that gathers data from both web2 and web3 and puts it under unique user IDs. Carv provides white-label data service to game operators which allows them to query cross- platform data about new users, such as their reputation and achievements on established platforms.
Lowering the barrier is important for web2 users. If you log in with Metamask, which is a safe for your private key, and you want to log in from another laptop, then you have to memorise all those secret phrases. Giving yourself an ID that is more user-friendly is very important.
Carv started with games because it is where most of the consumer-facing development in web3 is happening, according to Yu.
To-consumer-driven use cases are in the market. It's hard to promote why users need DID when there are only hundreds of users a day.
Carv has partnerships with over 90 games and has over 300,000 users. They spend an average of nine minutes on the platform every session. According to Yu, the DID system will allow Carv to cover 98% of the games on the market.
We already cover more than 70 games that have a significant number of users.
Carv is making money from its data service. It takes a cut from games on its platform. The identity builder plans to charge a fee for tipping others for their comments in the future.
A lot of investors backed the company's seed round. They were joined by upHonest Capital, Lintentry Foundation, PAKADAO, 7 UpDAO, and an angel investor.
Tencent veterans secure $13M to build cross-chain decentralized identities
All Rights Reserved © 2024
