Sweet, an American Non-Fungible Token (NFT) platform, recently announced the support of Animoca Brands in a recently completed strategic funding round in which it raised $110 pre-money. This achievement is significant not only for Sweet, but also for Animoca Brands and the entire NFT and gaming industry.
Non-fungible Tokens are a distinct manifestation or application of blockchain technology and digital currencies. In a nutshell, NFTs aid in the registration of digital asset ownership on the blockchain, ensuring their legitimacy and authenticity. NFTs, which are often rare and limited due to their nature, have grown in popularity, and creative minds have been exploring use cases for this new technology. Because of the proliferation of these use cases, brands are now embracing NFTs to connect with their customers and users in a more unique way.
Scaling NFTs based on the existing limitations in the blockchain networks where they are minted, on the other hand, has frequently been a challenge, prompting the emergence of Sweets into the NFT metaverse. The beauty of any new technology is that it can quickly gain mainstream acceptance, and only a few dedicated platforms, including Sweet, are dedicated to this goal.
Sweet will be able to meet its financial objectives thanks to the funding from Animoca Brands. According to the company, the capital injection will help Sweet scale partnership opportunities across Asia, add personnel to their US-based corporate headquarters, and manage enterprise partnerships with properties and teams from the NBA, NHL, F1 racing, Fortune 500 retail brands, quick-serve restaurants, and other sports.
“We are delighted to have Animoca Brands join our investor group as we continue to scale globally and build strategic relationships with retail and enterprise brand partners,” said Tom Mizzone, Sweet’s CEO and founder. “Sweet is pioneering next-generation enterprise NFT solutions that enable the largest brands to deploy NFTs in deeply integrated ways, and our goal is to ensure that everyone – from high-end crypto collectors to everyday fans and consumers – can digitally interact with their favorite brands in an accessible, frictionless, and enjoyable manner.”
Previously, brands, regardless of the products or services they provide, have frequently explored various options to incentivize their loyal customers. While the term “Brands” may appear overly commercial, sports figures, artists, musicians, and social media personalities frequently find ways to show their fans some love. This could take the form of a signed baseball or an autograph, among other things.
Sweet is removing the tedium of researching new ways to reach fans or customers by capitalizing on the nascent NFT revolution. Artists, teams, and brands can now create special, one-of-a-kind digital collectibles for fans and consumers using the startup’s technology. It is worth noting that these digital collectibles can take any form, such as a work of art, a one-of-a-kind pin, token card or image, or an embedded video, audio, or animation.
Because of their limited or rare nature, digital collectibles do not take away the “fan affinity and pride of ownership” that physical collectibles do. The Sweet ecosystem also highlights the advantages of digital collectibles over physical collectibles, such as counterfeit prevention, better storage, and shipping via online compatible channels, and better sharing options when compared to physical collectibles.
Sweet’s offering has been recognized by a number of brands, including Dave & Busters and the New York Knicks. These brands have an NFT collectible available for purchase on the Sweet platform. Each collectible has its own unique rarity and authenticity, which can all be verified, and they are all individually numbered and cannot be tampered with. Sweet will be able to bring on more brands with the help of Animoca Brands, all in the name of promoting the widespread adoption of NFT and blockchain technology.
Sweet Ecosystem’s Technological Highlights
Interoperability and usability are critical in the world of blockchain technology, and the Sweet infrastructure aligns with these core blockchain features in significant ways. The Sweet platform currently supports the Smooth Love Potion (SLP) standard for NFTs as well as the Ethereum ERC721 standard. Sweet plans to add more compatible blockchains as the digital collectibles marketplace evolves.
Sweet can be accessed through an app that can be downloaded from both the Android Play Store and the iOS App Store. The functionalities of the web and app-based versions are the same, and all boast similar “features and user experience, and provide the same benefits of a blockchain-based digital collectible,” as the platform asserts.
Each of the NFT standards has its own inherent properties, with SLP standards resulting in a more energy efficient system than their Ethereum counterparts. The Sweet offering makes it simple not only to mint or purchase NFT and related tokens, but also to trade these digital collectibles at any time.