NFT programming layer Revise has raised $3.5M in its seed round led by AlphaWave Global & 8i. Other significant investors in the round include Sandeep Nailwal of Polygon, Scott Lewis of DEFI Pulse, Utsav Somani of AngelList, Bharat Founders Fund and Rahul Chaudhary of Treebo. The funds will be used for hiring and expansion.
Revise offers developers the rails to program NFTs to interact with apps and data. This takes NFTs from static images to interactive objects which can react to applications and real-world events. Enabling people to build their own interactive metaverse.
With the Revise SDK in their toolkit, developers can set up a trigger based on their data feed of choice, whether from an application event or a public data feed streaming from web3 platforms like Chainlink or web2 outlets like Yahoo. Then, using the Revise programming layer, the developer tells the NFT how to react to the set trigger. For example, based on the Yahoo weather data feed, a simple program could be making my NFT wear a cap if it is sunny outside. This is infinitely customizable. The developer can choose their own storage layer based on their latency and security needs, whether on web3 layers like IPFS or Web2 layers like Amazon S3.
In addition, Revise adds a layer of governance for the storage through its data structure, enabling an audit trail for all revisions made to an NFT based on the programming, so an NFT creator can handle dispute resolution in a trustable and seamless manner.
Applications across industries are adopting NFTs. So far, the prime movers have been gaming, social media, music, sports, and various other spaces. This shift in adoption is taking NFTs from culture to utility. This means an NFT goes from a simple JPEG to an interactive object.
Games like Aavegotchi, ZedRun and Axie Infinity have created massive and engaged fanbases by having their NFTs be more than just profile pictures, but rather something people can interact with and influence through their gaming skills. In social media, Mark Zuckerberg has already announced Instagram has plans to launch NFTs natively. In music, Snoop Dogg recently purchased DeathRowRecords, the music label behind artists like Eminem and plans to monetize it through NFTs.
This shift in the business model for applications, from closed to one in which a user can participate will take place using NFTs. In that world, the stack for programming NFTs to be responsive to applications will be a fundamental tool in a developer’s toolkit.
Revise has been co-founded by serial entrepreneurs Anil Dukkitpatty & Raunaq Vaisoha, who were previously co-founders at Elemential Labs, a blockchain start-up that worked with large enterprises such as NSE, NSDL, CAMS, ICICI Bank among others.
Raunaq Vaisoha, Cofounder, Revise, said, “As NFTs go from culture to utility, Revise aims to lower the barrier to programming NFTs. With Revise in their toolkit, developers can offer creative and powerful utilities to their community through their NFT without sacrificing governance”.
Tushar Behl, Alpha Wave Global, added, “The entire NFT space has seen a massive narrative shift as people have discovered that NFTs can be more than just digital collectables or static assets. We see this shift happen in Gaming most prominently, but the abstract concept is broadly applicable to any real-world asset that can be tokenized. Further, as more complex utilities are built on NFTs, the aspect of traceability and transparency in governance will become front and centre. We loved Revise and the founders for their deep product insight and a forward-looking vision of the space. What the team at Revise is building can become the most fundamental layer for NFT provenance and programming, much like Chainlink did for Defi! But most importantly, it is the passion and perseverance that both Raunaq and Anil have displayed has us excited about the boundless potential for Revise!.”
“Tech history is replete with entire industries born out of niche hobbies. Where others see NFTs are collectibles, Raunaq and Anil see the foundation of a massive new web 3.0 economy. We are huge fans of Raunaq and Anil and this is our 2nd time partnering with them as investors. Privileged and excited to be part of Team Revise!”, said Vikram Chachra, 8i.
“I am happy to support Raunaq and Anil’s vision for the NFT space. Programming NFTs unlocks powerful new ways for artists and developers alike to express their creativity and bring people closer to becoming web3 natives. Excited to be on board this journey with them!,” commented Sandeep Nailwal, Cofounder, Polygon.
Revise SDK is currently live on NPM and can be used by developers signing up for our private beta. (https://docs.revise.network/). Users include collections like Ludo Labs, which has leveraged the Revise SDK to program exciting giveaways for their collection, such as tickets to football matches.
The non-fungible token (NFT) market size is expected to grow by USD 147.24 billion from 2021 to 2026. Source: https://www.prnewswire.com/news-releases/non-fungible-token-nft-market-size-to-grow-by-usd-147-24—-technavio-301529125.html