Itheum Wins Investment via Elrond Foundation and More, Bags $4M Fund

Itheum announced investments from Elrond, Mechanism Capital, and other crucial investors; raising their funds from $1.5M to $4M. The initial $1.5M came from an earlier round funded by Morningstar Ventures, incubating Itheum via their Elrond Dubai Incubator.

The additional investments included Elrond Foundation, Mechanism Capital, Woodstock, Ascensive Assets, Skynet EGLD Capital, MHC Digital Finance, ZBS Capital, and Spark Digital Finance.

Itheum’s Founder Mark Paul commented on the recent eventful months of Itheum.

It’s been an exciting few months for Itheum, with our web3 data technology establishing a unique value proposition for a decentralized, open metaverse. In a time when the world is concerned about data centralization and data exploitation, Itheum provides a much-needed opportunity for change – a vision that is shared by our amazing investors with whom we are glad to now share this journey.

Morningstar Ventures CEO Danilo Carlucci shared the company’s excitement of having new investors support Itheum. “Seeing [the new investors] aligned with the strong conviction we have had in [Itheum], provides many opportunities,” Carlucci added.

Itheum lets users control their personal data as assets through Elrond’s internet-scale blockchain technology. The NFMe-ID NFT technology allows data conversion and establishes “soulbound” – which are data avatars to use in the metaverse.

Additionally, Itheum’s marketing strategy in Web3’s gaming industry involves the use of their  NFMe-ID avatar technology to spawn “player passports. These passports enable millions of gamers to own their player data and earn income through its “share-data-to-earn” mechanic.

Notably, NFMe-ID technology is crucial for end-user adoption of the metaverse. It allows data consumers to gain better and more accurate data sets at competitive prices. As a result, it aligns with the values of Web3 users and data consumers.

When users are able to add a metadata layer to their avatars, this can enhance the personal Web 3.0 experience. Additionally, it unlocks a recurring revenue stream for the metaverse economy.