New York-based startup, IYK (if you know), has recently raised US $16.8 million in seed funding to revolutionize the fashion industry with Non-Fungible Tokens (NFTs). The funding will be used to bolster IYK’s NFT infrastructure and launch their user-friendly platform, which aims to make tech-infused fashion accessible to brands and artists without requiring technical expertise.
One of the key features of IYK’s technology is the integration of near-field communication (NFC) chips into apparel and products. These chips can be linked to blockchain tokens or NFTs, allowing consumers to scan the connected items with their smartphones to retrieve a tokenized certificate of authenticity. This certificate serves as both an access pass to digital content and communities, as well as a proof of the item’s authenticity.
IYK has already collaborated with several major brands, including Adidas, Atlantic Records, Billionaire Boys Club, Johnnie Walker, Coinbase, and MNTGE. Their technology enabled Adidas to release limited NFT shirts in New York City, offering digital authentication and unique ‘Alter Ego’ assignments. It also allowed MNTGE to pair custom vintage jeans and jackets with digital twins, expanding the possibilities for online fashion experiences.
The newly launched IYK Platform is equipped with ready-to-use NFC chips, IYK modules, and an API. It offers features such as digital twin identification, validated chip scans, and module permissions. By leveraging their industry insights and successful partnerships, IYK aims to bridge the gap between fashion brands and their customer base, making innovative digital experiences more accessible and engaging.
This funding round was led by A16z Crypto, a venture capital fund known for its investments in blockchain and cryptocurrency-related projects. Other investors include 1kx, Collab Currency, Lattice Capital, and gmoney. The involvement of A16z Crypto, along with IYK’s participation in A16z Crypto Startup School, further validates the potential of NFT-driven fashion tech and the value that IYK brings to the industry.
As traditional and crypto-savvy brands continue to explore the possibilities of blockchain and NFTs in the fashion space, IYK is at the forefront of this movement, providing the necessary infrastructure and expertise to unlock new digital experiences for consumers. With their recent funding, IYK is well-positioned to lead the way in shaping the future of fashion and NFT integration.
