TxnLab Closes $1.25M Seed Funding Round to Build NFDomains
TxnLab, Inc., is pleased to announce the closing of a $1.25 million private round of financing led by Borderless Capital and GoldenTree Asset Management. Our team is grateful for the overwhelming interest and support for NFDomains, our Algorand name service for .algo names. This round of financing provides us with resources to build and scale a robust name and identity solution to benefit the Algorand community.
We are excited to join NFDomains and support their vision of simplifying on-chain naming and identity. This core building block for on-chain transactional activity will reduce the users’ friction to participate in the ecosystem and will provide unique features, making the Algorand blockchain a much better social and friendly network.
– David Garcia, CEO and Managing Partner of Borderless Capital
NFDomains will provide a service and marketplace for Non-Fungible Domains (NFDs), unique, readable identities for the Algorand blockchain. NFDs allow users to send and receive cryptocurrency using a readable name like “silvio.algo” instead of the 58-character long hashes of traditional wallet addresses.
In addition to allowing users to transact using a name that is easy to type and remember, NFDs leverage Algorand’s financial primitives known as Algorand Standard Assets (ASAs) to provide a powerful suite of features for the ecosystem and its users.
Like NFTs and other financial assets, NFDs can be traded on secondary markets or showcased in a gallery. Most importantly, NFDs live in a user’s wallet and are protected by smart contracts, giving them full control and ownership of their digital identity.
NFDs also provide metadata and identity tools, enabling users to attach their avatar, social media links, and other data. In turn, applications and services on the blockchain can query this data and surface it, breaking down walled gardens in the ecosystem.
For example, blockchain explorers can display readable names of services and other organizations in their tables of transactions, DAOs can provide more transparency by showing information about individual participants in governance votes, and NFT artists can display their name, profile, and portfolio in marketplaces that integrate with NFDs.
NFDomains is built on Algorand for the Algorand community, and our team is committed to providing a first-class experience for its users. Our tooling and APIs will be custom-built for Algorand developers, enabling them to integrate seamlessly, easily surface data, and build new features on top of the platform.
Our team is actively working to integrate natively with the Algorand ecosystem, and to date has secured the following partnerships:
NFdomains plans to launch on mainnet in Q2, 2022.