A16z Crypto led Web3 startup IYK’s $16.8 million round

What is Web3?  Everything you need to know
What is Web3?  Everything you need to know

IYK raised $16.8 million from A16z Crypto and other investors following a seed round of financing. The startup helps brands create digital experiences for their customers.

The a16z Crypto Startup School graduate was also supported by 1kx, Collab Currency, Lattice Capital, Palm Tree Crew, Synergis Capital, Coop Records and other investors.

IYK enables brands, musicians and artists to create “digital experiences”, helping them reward customers and fans, while also staying connected to their community.

The startup’s products include an NFC chip that tokenizes physical products and events, including in NFT format. IYK also provides developer APIs and “modules” to further customize the “experience.”

According to the team, since its founding in 2021, the firm has attracted over 100 creators from various fields including fashion, music and art. To reach more users, IYK is launching a self-service platform to help shape digital experiences.

“We don’t lock you into a chip type, an authentication system, or even our domain,” — project co-founder Ryan Ouyang told The Block.

According to the startup, this sets it apart from competitors like Collect.ID and LNQ, which provide a first-person “experience” that requires registration or downloading a mobile app.

IYK is an acronym for If You Know and a shortened version of IYKYK (If You Know You Know), Ouyang explained. According to him, it is important for users to know that a chip is sewn into this or that item, such as a toy or clothing.

“This is about knowledge that there is a digital universe into which the owner can teleportby interacting with your physical product. Into a virtual world that changes over time and rewards participation,” – he added.

Let us remind you that Bastion, a crypto Web3 company founded by former managers of a16z, has closed a seed round of financing for $25 million. The startup intends to simplify the process of companies implementing blockchain-based technologies and attracting new users.

In the second quarter, Web3 startups attracted about $1.8 billion in venture funding, a figure down 76% compared to the same period in 2022.

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