NFT startup Snickerdoodle closes $2.3 million seed round

The company, which aims to use non-homogenized token (NFT) technology to build a platform that protects users’ privacy and data, was co-founded by Jonathan Padilla, former head of blockchain strategy at PayPal.

Blockchain startup Snickerdoodle Labs has secured $2.3 million in a seed funding round, The Block reported June 5.

The company, which aims to use non-homogenized token (NFT) technology to build a platform to protect users’ privacy and data, was co-founded by Jonathan Padilla, former head of blockchain strategy at PayPal.

The seed round was led by Hong Kong-based blockchain investment firm Kenetic, with participation from venture capital funds Blockchain Capital, Struck Ventures, Zilliqa capital, FTX, Sam Bankman-Fried, Tribe capital and Zinal Growth, according to Friday’s announcement.

The startup’s goal is to “build a dynamic and secure data economy that creates value for all stakeholders” by creating a data economy that enables users to own and monetize their data in a secure way.

Padilla believes that Snickerdoodle differs from other NFT ventures in that it is more concerned with commercializing pass-throughs than having them represent digital goods. It plans to do this by using NFTs as cookies for the Web 3.0 ecosystem, enabling pass-throughs to support what the company calls “the development of commercial and industrial NFTs.

In an interview with The Block, Padilla said.

Snickerdoodle is focused on reinventing the Internet and empowering individuals, which is a completely new idea.
He went on to say that while the platform is designed for the creation of commercial and industrial non-homogenous tokens, the creators of non-homogenous tokens can also benefit from it. He said Snickerdoodle has already spoken with a number of artists and said it is another way for them to gain revenue by inserting their content into multiple media. He believes the infrastructure that Snickerdoodle eventually builds will provide more versatility for creators.

Padilla stated.

While the NFT ecosystem has seen a dramatic uptick in participation in the last year, it still lacks a reliable way to ensure true data ownership and privacy, as well as secure and voluntary data commerce. That’s exactly what we’re building.
The startup said it plans to host a token offering this summer to “further leverage” its development and growth.

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