TechFlow News — colletID, a company leveraging NFTs for physical product identification, has announced the completion of a $3.5 million funding round. Investors include SeventySix Capital, a U.S.-based sports industry venture firm; Hellen’s Rock Capital, a European sports investment firm; and Sygnum/SBI, cryptocurrency banks from Switzerland and Japan. The company previously raised a seed round in December 2021 and is currently still in its pre-Series A stage.
According to reports, colletID introduces a digital dimension for physical products by embedding small NFT tags into them, granting each item a unique identity. This "unique identity" is then stored via smart contracts as a non-fungible token (NFT) on the blockchain, thereby creating a digital twin for every physical product.Original link
