New Crypto Startup Enables Users to Send NFTs Using Phone Numbers – Is This The Future of NFTs?
The typically complicated process of onboarding new users to Web3 may have just become a bit easier: US-based startup ReDeem claims to have simplified this process by allowing users to interact with non-fungible tokens (NFTs) via their phone numbers.
The startup raised $2.5 million in pre-seed funding led by digital asset-focused investment firm Kenetic Capital, with participation from Monochrome Capital, VC3 DAO, The Fund, Flyover Capital, CMT Digital, KCRise Fund, and KESTREL0x1, Axios reported. It will use the funds to continue building its core technology and for its product launch set for Q2.
Redeem is a company that provides Web3 technology that enables users to send and redeem NFTs using their phone numbers.
Users can link any crypto wallet on any network to their phone numbers which then enables them to scan a QR code to redeem utility NFTs such as tickets, loyalty points, in-game items, etc.
They can also send and receive NFTs through SMS, Apple's iMessage, or WhatsApp, without having to pay gas fees or know an external wallet address.
Redeem founder Toby Rush said that for the startup, "everything is about the phone number," adding that via this method, a single person is linked to a wallet through an existing verification system.
"The other cool thing about using your phone number is that you automatically eliminate all bots and effectively eliminate almost all fraud," Rush said.
He also noted that it is generally very challenging to onboard users to collect NFTs and actually use them. Redeem, the website argues. links digital assets to something users already know, not requiring them to learn new systems or change behaviors. Users can "access everything, all wallets, all worlds, all you need" - including
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