NFT programming layer startup, Revise has raised $3.5 million in its seed round led by AlphaWave Global & 8i. Other significant investors in the round include Sandeep Nailwal of Polygon, Scott Lewis of DEFI Pulse, Utsav Somani of AngelList, Bharat Founders Fund and Rahul Chaudhary of Treebo. The company said that the funds will be used for hiring and expansion.
Revise offers developers the rails to program NFTs to interact with apps and data. This takes NFTs from static images to interactive objects which can react to applications and real-world events.
In addition, Revise adds a layer of governance for the storage through its data structure, enabling an audit trail for all revisions made to an NFT based on the programming, so an NFT creator can handle dispute resolution in a trustable and seamless manner.
Revise has been co-founded by serial entrepreneurs Anil Dukkitpatty and Raunaq Vaisoha, who were previously co-founders at Elemential Labs, a blockchain start-up that worked with large enterprises such as NSE, NSDL, CAMS, ICICI Bank among others.
Applications across industries are adopting NFTs. So far, the prime movers have been gaming, social media, music, sports, and various other spaces. This shift in adoption is taking NFTs from culture to utility. This means an NFT goes from a simple JPEG to an interactive object, the company said in a statement.
Raunaq Vaisoha, Cofounder, Revise, said, “As NFTs go from culture to utility, Revise aims to lower the barrier to programming NFTs. With Revise in their toolkit, developers can offer creative and powerful utilities to their community through their NFT without sacrificing governance”.
“The entire NFT space has seen a massive narrative shift as people have discovered that NFTs can be more than just digital collectables or static assets. We see this shift happen in Gaming most prominently, but the abstract concept is broadly applicable to any real-world asset that can be tokenized. Further, as more complex utilities are built on NFTs, the aspect of traceability and transparency in governance will become front and centre,” Tushar Behl, Alpha Wave Global, said.
“What the team at Revise is building can become the most fundamental layer for NFT provenance and programming, much like Chainlink did for Defi! But most importantly, it is the passion and perseverance that both Raunaq and Anil have displayed has us excited about the boundless potential for Revise,” he added.