Cofounded by Ukrainian Andrii Yasinetsky NFT Infrastructure Startup Mnemonic Emerges From Stealth With $4 Million In Funding. The round led by Kenetic with participation from Monochrome Capital — where Mnemonic cofounder Ben Metcalfe is a founder and managing partner — Sound Ventures and Tribe Capital, in addition to angel investors.
- The potential use cases for Mnemonic expand far past tracking and compiling NFT data, the founders say. Luxury goods authentication is one potential future use case, Metcalfe tells Forbes. Brands like Louis Vuitton could make its authentication certificates into NFTs and use the tech to track whether its goods pass hands on the resale market.
- The startup has already received interest from multiple Fortune 500 companies.
- Last quarter, more than $10.7 billion was spent on the digital momentos, according to data from analytics platform DappRadar. Mnemonic joins a small but growing handful of recently formed companies looking to tackle the B2B side of the market like Islands which looks to help creators get involved in the NFT space.