New York-based Web3 and digital startup, IYK (if you know), secured US $ 16.8 million in seed funding on 28th September, to revolutionise fashion with NFTs. As both traditional and crypto-savvy brands delve into tech-infused apparel, IYK leads the way, directing this funding to fortify its NFT infrastructure and roll out the IYK Platform. This platform, a user-friendly hub for brands and artists, facilitates digi-physical experiences without necessitating technical expertise. The funding was led by A16z Crypto, a venture capital fund, alongside investors like 1kx, Collab Currency, Lattice Capital, and gmoney, following IYK’s involvement in A16z Crypto Startup School.
Ryan Ouyang and Christopher Lee, the startup’s founders, integrate near-field communication chip (NFC) technology, empowering global brands to craft innovative consumer experiences. Ouyang emphasised in an exclusive interview that their tech empowers creators to shape these experiences, rooted in physical actions.
IYK provides NFC chips for embedding into apparel and products, alongside the infrastructure to link them to blockchain tokens or NFTs. This permits people to scan connected apparel or accessories with any smartphone, even without an app, to retrieve a tokenized certificate of authenticity. This certificate doubles as an access pass to digital content and communities. The startup has collaborated with major traditional brands like Adidas, Atlantic Records, Billionaire Boys Club, Johnnie Walker, and crypto brands like Coinbase and MNTGE.
One of their most notable achievements include, Adidas’ limited NFT NYC 2023 shirts that offered digital authentication and unique ‘Alter Ego’ assignments. IYK’s technology enabled MNTGE to pair customised vintage jeans and jackets with digital twins, potentially useful in online realms. The newly unveiled IYK Platform is equipped with ready-to-use chips, IYK modules, and IYK API, offering features like digital twin identification, validated chip scans, and module permissions. Leveraging profound insights and successful partnerships, IYK is poised to bridge the gap between a larger number of fashion brands and their customer base.
