Elrond, Mechanism Capital, and several other major investors in the blockchain and crypto sectors have made significant investments in Itheum, CoinText reported in a press release. These contributions build on an earlier $1.5 million funding round led by Morningstar Ventures, which helped incubate Itheum through Elrond’s Dubai Incubator.
Itheum attracts attention across crypto and blockchain
Additional notable participants in the funding include Ascensive Assets, Woodstock, MHC Digital Finance, Spark Digital Finance, Skynet EGLD Capital, and ZBS Capital. The new investments represent an important milestone for the Itheum team and expand the project’s backing from strategic blockchain investors.
With the latest commitments, Itheum has now raised a total of $4 million. The capital will be used to advance tools and infrastructure that enable ownership and exchange of personal data within the Metaverse.
Mark Paul, founder of Itheum, said:
It’s been an exciting few months for Itheum, as our web3 data technology has established a clear value proposition for a decentralized, open Metaverse. At a time when concerns about data centralization and exploitation are rising, Itheum offers a needed path for change — a vision our investors share and that we are proud to pursue together.
Danilo Carlucci, CEO of Morningstar Ventures, added:
We’re pleased to welcome this new group of investors who will support Itheum over the long term. Their alignment with our conviction in the project opens up many promising opportunities.
Deepening partnership with Elrond
Itheum recently strengthened its relationship with Elrond, integrating its services into Elrond’s ecosystem via the Maiar Launchpad to reach more users and developers. This collaboration leverages Elrond’s internet-scale blockchain to enable user control over personal data.
Itheum converts personal data into tradable assets through its NFMe-ID NFT technology, creating persistent, “soulbound” data avatars suitable for use across Metaverse experiences. By adding a metadata layer to avatars, Itheum unlocks recurring revenue opportunities for Metaverse economies while enhancing individual Web3 experiences.
Empowering millions of players to own and monetize data
Using NFMe-ID, Itheum is issuing “player passports” that allow millions of gamers worldwide to truly own their player data and participate in a “share-data-to-earn” model that enables them to monetize their contributions. This approach gives gamers agency over their information and a direct way to benefit financially from data sharing.
For data buyers, NFMe-ID produces higher-quality, more precise datasets at competitive prices, aligning buyer needs with the values and incentives of Web3 users. The result is a market where data utility and user sovereignty are mutually reinforced, creating healthier dynamics for both consumers and creators of data.