Non-fungible tokens (NFTs) have long been known as abstract things stored inside of blockchain. A new startup called Americana Technologies aims to change that with its new chip dubbed the NFTA Universal Chip which allows turning any real object into an NFT.
Founded by Jake Frey in 2021, the startup is designed to help those creators and artists that don't focus on the digital world to gain value from NFTs too.
In an interview with TechCrunch, Frey said the startup has already raised $6.9 million from Alexis Ohanian’s venture firm Seven Seven Six, rapper Fortune and NFT-marketplace OpenSea. He says the proceeds will go toward expanding Americana's team with engineers and designers to expand support for other blockchains as the startup is currently available on Ethereum blockchain only.
Our goal is to blend these [physical and digital] worlds, so coming at that from both angles is definitely something that we want to do.
According to the chip's description on the website, the chip — which was available for pre-order for only $9.00 — will also have a GPS sensor and RFID support in addition to crypto payments and Apple Pay.
Initially, the developers planned to ship the chip this spring. However, it is still unclear when exactly the product will drop on the market.
In some way, Americana Technologies is similar to Logan Paul's NFT startup called "Liquid MarketPlace." As To The Moon reported, the platform provides storing services for items in a physical vault. These items are later digitized and listed on the marketplace at $0.10 of the item's value per token. Collectors can buy these tokens on a first-come, first-serve basis.