VERITIC develops user-friendly, multi-chain NFT platforms in collaboration with leading institutions, and is based on a highly secure minting and custody infrastructure.
Could you explain what your startup does in a few sentences?
VERITIC makes NFTs easier to use and secure. This is important for both mainstream users and institutions. We also partner with museums to turn their artwork into NFTs. Our technology allows users to create (i.e. mint) NFTs in a highly secure environment to avoid theft and mistakes. With our infrastructure, users can also own and interact with NFTs without having to manage cryptographic keys. Based on this, we are about to launch patron-of-art.com, a platform for cultural institutions (e.g. museums, libraries, and festivals) to issue NFTs in the most secure and compliant way, and for NFT collectors to become digital patrons. We are also developing an API so that other NFT platforms can upgrade to our infrastructure.
Do you think NFTs will evolve into something different? If yes, how will your startup play a role?
NFTs will enter the mainstream over the coming years, following a similar adoption path as cryptocurrencies. In particular NFTs will expand beyond art and entertainment and are a main building block of web3 and the metaverse. NFTs can represent any type of physical or digital value. Everything that can be an NFT, will be an NFT.
Two main factors are required to drive this evolution: on the one hand, user experience for retail consumers needs to improve to be on par with that of any other activity they pursue online, like online shopping, for example. On the other hand, security and compliance - both in NFT creation and storage, but as well as smart contract operation - will improve to the point that most users as well as institutions are comfortable entering the space.
By providing the infrastructure for user-friendly and institutional-grade secure and compliant NFT platforms, VERITIC is at the intersection of these two drivers. We plan on playing a major role in the mainstream adoption of NFTs.
What is the most useful advice you have received so far?
Founding a startup is a marathon, not a sprint (although it might feel like a sprint more often than not).
Did you learn something new during your journey with >>venture>>?
There are lots of exciting startups in Switzerland. We are honored to have been selected amongst the winners for 2022.
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