DeNet completed $1.5M financing round for NFT Storage launch
Decentralized data storage DeNet announced it has completed a financing round of $1.5m. Funds raised will be used to expand the team and new products launch.
DeNet is preparing to launch NFT Storage.
DeNet is an active player of decentralized market and technology since 2017 with its own solution DeNet Storage. And now, according to the developers, it is time to present to the market the new product for safe decentralized storage of NFTs based on the decentralized network, built by the company.
According to Rafik Singatullin, CEO of the company, “In terms of technology our product is rather flexible, this is why it is so much in demand in the market of DeFi, NFT and meta universe. DeNet is an authentic decentralized storage with the most modern tokenomics”.
At the moment we are expanding and launching our first mass product — NFT storage, based on our decentralized data storage system.
NFT Storage is positioned by the developers as meeting the most acute demands of the market — the demand of DeFi economics in decentralized storage.
We have raised funds in order to launch NFT Storage, to build collaborations and strong ties with the NFT sector — games, marketplaces, and other market sectors. Keeping in mind that our previous round was primarily covered by strong Asian funds, this time we were striving to get investment from different countries, giving preference to those who can help us with the launch of our first stage applications and services — commented Rafik Singatullin.
The round was led by Shima Capital global venture fund, with the participation of PARSIQ, GBIC, Nalu Capital, Kate from P2P Capital and Batuhan Dasgin. Investors are confident that DeNet technologies will find wide application in the gaming industry and metaverse.
Distributed storage is one of the main pillars, necessary for the present and the future of Web 3.0. Shima Capital is proud to support DeNet as the world’s first and only distributed cross-chain storage system, which secures the future of Web 3.0, also allowing any developer to monetize their own applications with the help of DeNet dApp Market. The DeNet team has been developing their technologies since 2017 and will be concentrated on the storage of gaming resources and assets of metaverse starting the first quarter of 2022 — stated Yida Gao, founder of Shima Capital.
DeNet has launched several user applications. At the moment DeNet Storage 1.0.3 application is available to Windows, Linux and Mac. With this application users can farm the tokens of the project by offering their storage space or the opposite — rent the space using crypto currencies.
The new financing round is supposed to broaden the product line by NFT Storage, aimed at the management of NFT collections using DeNet decentralized storage.
What is DeNet?
DeNet is a network of decentralized data storage with the economic stimulus for the disc space suppliers and moderate prices for the storage users.
Initially economic stimuli of the network (Proof of Storage) worked on Ethereum, but since DeNet was developed as a high speed cross chain solution, Polygon (MATIC) blockchain was chosen for the launch. The arguments for this choice were high level of safety, high performance and low commissions of Polygon. In the future DeNet will be scaled to the other high performance blockchains, compatible with EVM.
Polygon in our case is used not even as a layer 2, but as Layer 1. We have a Proof of Storage contract — users applications place deposits for the storage. Nodes — when storing files — demonstrate their proof of file storage of a certain user and debit from the account some money. Users and nodes may close the deposit and receive tokens, deposited at any time. In fact it is happening automatically — commented Denis Shelestov, CTO of the company.