This Tuesday, Highlight secured roughly $11 million in a seed funding round led by Haun Ventures, an investment firm dedicated to cryptocurrency assets and solutions. Additionally, Highlight received funding from other investment groups, including 1kx, Polygon Studios, Coinbase Ventures, SciFi VC and Thirty-Five Ventures. Investors did not confirm the price of the acquisition.
The funding enables Highlight to scale its end-to-end solution, allowing creators to establish communities centred on Web 3.0 assets, including NFTs and blockchain services. The platform also allows users to create, mint, and distribute NFTs online on various marketplaces such as OpenSea.
The Co-Founder and CEO of Highlight, Nathaniel Emodi, added:
We have a vision of making Web 3 accessible and intuitive and simple for mainstream creators and mainstream fan bases.
Highlight incorporates its Web 3.0 toolkit to support the emerging digital live events marketplace. During the pandemic, the live events scene had to turn to extended reality (XR) solutions to connect with fans. Firms such as Ristband and Wave incorporate NFTS, blockchain, and avatar customisation tools to create a personalised online Music Metaverse.
Emodi also said:
As a fan, there’s always been this idea of fan clubs. And we think with Highlight and with Web 3 you could build the music fan club of the future.
Highlight supplies the tools required to create NFTs and other blockchain goods for fans to buy during live XR events. Brands and artists using Highlight can create QR confirmation codes, token-gated Discord channels, and digital merch sales.
Additionally, the news comes after The HBAR Foundation, a nonprofit organisation accelerating Hedera network blockchain use cases, gained $100 million in April. The funding encourages immersive content creators to build business-to-customer (B2C) and business-to-business-to-customer (B2B2C) Metaverse experiences for the service.
What is the Blockchain
The rise of Web 3.0, or the Metaverse, has driven the adoption rates of blockchain-based services and technology. Blockchain enables firms to track and distribute peer-2-peer exchanges and purchases securely.
Blockchain provides its security using a distributed ledger, a data storage and transmission system, which comprises a growing list of records, or blocks, digitally connected using cryptography to ensure secure data transmission.
Currently, various firms and start-ups rule the blockchain marketplace, including popular cryptocurrencies Ethereum, Cardano, Solana, Polygon, Binance Chain, and XRP Ledger.