Data privacy-focused NFT startup raises $2.3 million in seed funding

Quick Take

  • The seed funding round was led by Hong Kong-based blockchain investment firm Kenetic, with participation from several prominent venture capital funds. 
  • Snickerdoodle Labs aims to use NFT technology to build a data economy focused on user data privacy and security.
  • The platform was co-founded by former PayPal head of blockchain strategy Jonathan Padilla. 

Blockchain startup Snickerdoodle Labs has raised $2.3 million in a seed funding round.

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

According to a Friday announcement, 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. 

The startup aims to "build a dynamically secure data economy that creates value for all stakeholders," by building a data economy that enables users to own and monetize their data in a secure way.

Padilla argued that Snickerdoodle is different from other NFT ventures in that it focuses more on commercializing the tokens rather than just have them represent digital items. It plans to do this by using NFTs as the cookies of the Web 3.0 ecosystem, using the tokens to support what the company calls "the development of commercial and industrial NFTs."

"Snickerdoodle is about reimagining the internet and empowering individuals," Padilla said in an interview with The Block. "This is a completely novel idea."

Padilla said while the platform is designed for the creation of commercial and industrial NFTs, NFT creators can benefit too. He said Snickerdoodle is already talking to a number of artists and said this is simply another way for them to generate revenue by having their content plug into multiple mediums. He said the infrastructure Snickerdoodle eventually builds will lend creators more multi-functionality. 

“While the NFT ecosystem has seen a dramatic uptick in engagement over the last year, what’s missing is a dependable way to ensure true data ownership and privacy alongside secure and voluntary data commerce. That’s exactly what we’re building,” he said. 

The startup said it plans to host a token offering this summer to "further capitalize" its development and growth. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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