Authentick Raises $4 Million in Funding, Partners with TikTok, Shopify and Lazada for NFTs

Published: November 08, 2023 at 3:51 am Updated: November 08, 2023 at 3:55 am

Edited and fact-checked:
November 08, 2023 at 3:51 am

In Brief

Authentick raised $4 million from Menyala and announced NFT collaborations with Lazada, TikTok and global commerce giant Shopify.

Emerging from stealth mode, Authentick — the team behind digital collectibles authentication platform Authentickator, today announced it has successfully closed a seed funding round of $4 million.

The capital infusion was spearheaded by Menyala, a Singapore-based venture-building platform. Additionally, Authentickator unveiled strategic collaborations with Southeast Asia’s eCommerce hub Lazada, social media behemoth TikTok and global commerce giant Shopify.

Authentick said that the partnerships will grant select users the ability to acquire digital collectibles such as NFTs directly from each respective platform, employing conventional payment methods.

“Through the new funding, we will be expanding the network of partnering marketplaces to 6 on every major continent and thus giving access to this new and exciting category of established names such as Mercato Libre in Latam, DANA in Indonesia and many others,” Boyko Draganov, CEO of Authentick told Metaverse Post. “We’ll also be expanding the number of standard services we offer to brands and creators such as distribution, localized content and digital collectible marketing via TikTok and YouTube.”

Easing NFT Authentication for Avid Collectors

Authentick aims to usher digital collectibles into the realm of web2, delivering a shopping experience that empowers individuals to purchase digital collectibles without the necessity of a wallet or access to a digital exchange. To realize this vision, the Authentickator platform ingeniously metamorphoses digital collectibles into a product listing format compatible with well-established eCommerce platforms such as Lazada in Southeast Asia and Shopify on a global scale.

Customers can procure these digital collectibles with the same ease as any other item available on these platforms, employing familiar payment options. Authentick has also forged connections with games, applications, and decentralized applications (dApps) to unlock the utility of digital collectibles and has strategically aligned itself with TikTok as its primary global marketing conduit.

“We maintain a close working relationship with our marketplace partners, ensuring that all collections featured on their storefronts meet certain criteria, including authenticity. Additionally, we provide end-users with localized content and essential services such as customer support,” Authentick’s Draganov told Metaverse Post. “This is a massive opportunity for Authentick, as well as for our marketplace partners, to introduce a rapidly growing product category.”

In addition to streamlining the purchase process, Authentick has designed an exclusive system for evaluating and verifying digital collectibles. This innovative system combines artificial intelligence and human review to guarantee the highest standards of safety, compliance and authenticity.

“The Authentickator platform turns any digital collectible into a Stock Keeping Unit (SKU) which is then listed on major eCommerce sites including eCommerce platform Lazada and social media giant TikTok. Once purchased on the preferred marketplace, the customer receives an email that includes a link to redeem the digital collectible,” explained Draganov. “Our team of digital collectible experts verify the authenticity of the digital collectible, making the shopping experience safe and simple.”

What’s Next For Authentick?

Looking ahead, the company envisions introducing exclusive offerings for brand partners keen on expanding their reach within web3. Authentick will facilitate brand partners’ foray into web3 by handling the distribution of digital collectible drops and ensuring their prominent placement on major global online retailers.

This strategy aims to significantly expand the reach of brand drops, engaging web2 audiences in their preferred shopping environments.

“We will partner with major brands to distribute their digital collectible drops on major global online retailers and dramatically expand the reach of their projects outside traditional Web3-only distribution channels,” Authentick’s Draganov told Metaverse Post. “We see ourselves becoming a global Digital Collectibles eCommerce enabler for the brands and creators and offering value-added services such as localized content (language), local currency conversations, social media marketing content and many more to come.”

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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master’s degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends.
He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

Victor Dey