Data privacy-focused NFT startup raises $2.3 million in seed funding
The company, which aims to use non-fungible token (NFT) technology to build a platform that protects user privacy and data, was co-founded by PayPal's former head of blockchain strategy Jonathan Padilla.
According to a Friday announcement, the seed round was led by Hong Kong-based blockchain investment firm Kenetic, with participation from venture capital funds Blockchain Capital, Struck Ventures, Zilliqa Capital, FTX, Sam Bankman-Fried, Tribe Capital, and Zinal Growth.
The startup aims to "build a dynamically secure data economy that creates value for all stakeholders," by building a data economy that enables users to own and monetize their data in a secure way.
Padilla argued that Snickerdoodle is different from other NFT ventures in that it focuses more on commercializing the tokens rather than just have them represent digital items. It plans to do this by using NFTs as the cookies of the Web 3.0 ecosystem, using the tokens to support what the company calls "the development of commercial and industrial NFTs."
"Snickerdoodle is about reimagining the internet and empowering individuals," Padilla said in an interview with The Block. "This is a completely novel idea."
