Jay-Z Is Among the Investors Who Backed the Web3 Hardware Firm Spatial Labs When It Raised $10 Million in Funding.
Blockchain Capital was the primary investor in the round of fundraising that brought in $10 million for the Web3 hardware business Spatial Labs. Spatial Labs successfully acquired the support of the venture capital firm Marcy Venture Partners, which Jay-Z controls.
The total amount of investment received by Spatial Labs is now $14 million after the addition of the crypto hardware startup's initial pre-seed fundraising of $4 million.
During the development of the Spatial Labs funding, the platform's creator, Iddris Sandu, offered some insight into the organization's primary goals.
Sandu spoke (1) out about his working connection with the celebrity investor Jay-Z, in addition to discussing his vision, which he had previously shared.
Back in 2019, Sandu established Spatial Labs intending to capitalize on the developing metaverse
However, in contrast to the majority of emerging software & application-driven metaverse-centric businesses, the primary focus of Spatial Labs is on the technology that makes the notion possible. For example, the business produced a microprocessor of 13 millimeters and named it the LNQ One Chip.
This chip may be sewn or integrated into the fabric of actual fashion items. In addition, each LNQ One Chip may be read by a smartphone equipped with NFC technology. The scan provides information on the object and creates a digital copy of it for use in the metaverse.
Each physical chip is also connected to a non-fungible token (NFT) on Polygon. Once this connection has been made, marketers have limitless opportunities for customization.
Funds to Be Used to Make Tech Accessible
Sandu mentioned the potential of his LNQ chip technology and the fact that he had several ideas for developing the technology.
The Ghanaian-American entrepreneur, who is 25 years old, claims that LNQ can provide authentication services for premium firms that already have plans for the metaverse. Balmain, Gucci, and Prada are three examples of these premium labels.
Sandu noted that these companies might include their customer loyalty programs directly into their goods, eliminating the need for separate sign-up services for customers. According to the individual who established Spatial Labs,
"...you can now think about your goods unlocking tickets, special interviews, podcasts, and other kinds of content like that."
As a result, it is intended for the many brands interested in identifying possible applications for Web3 and the metaverse.
The higher gas prices offered by the Polygon blockchain were the primary factor that led Sandu to select it over Ethereum as the blockchain for his devices. The Ethereum mainnet is not "particularly built for economies of scale," in his opinion.
Additionally, the creator of Spatial Labs mentioned that Polygon offers rates substantially closer to those of Visa or Mastercard purchases.
Because of Sandu's technology, Spatial Labs can construct without the bottlenecks often associated with app stores.
For instance, the Apple app store has very stringent requirements regarding NFTs and Web3 features for its developers to follow. Sandu has said on many occasions that the chip technology does not require clearance from any app store and "works out of the box."
Additionally, he clarified that the solution does not call for the installation of any program to have access to its modifiable information.