Web3 technology provider Redeem has just raised $2.5 million in pre-seed funding to launch a platform that enables users to send and redeem NFTs using their phone numbers. The company is revolutionising the onboarding process for new users to Web3, streamlining access to non-fungible tokens.
Redeem platform allows users to link their phone number to any crypto wallet on any network, which then enables them to scan a QR code to redeem utility NFTs like tickets, loyalty points, in-game items, and more. They can also send and receive NFTs through SMS, iMessage, or WhatsApp without paying gas fees or needing to know an external wallet address.
Founder Toby Rush says that the phone number is everything for Redeem, as it allows a single person to be linked to a wallet through an existing verification system, and eliminates bots and fraud. The platform links digital assets to something users already know, not requiring them to learn new systems or change behaviours.
The future of NFTs may well be in the hands of Redeem, whose approach to onboarding new users through phone numbers to onboarding new users through phone numbers is revolutionising the industry. Stay tuned for their product launch in Q2.