dotmoovs, a startup dedicated to manufacturing non-fungible tokens for athletes, has closed a $ 840,000 private funding round led by several prominent figures in the blockchain industry.
The oversubscribed round was led by Moonrock Capital, Morningstar Ventures, Spark Digital Capital, Ascensive Assets, Rarestone, Building Blocks, AU21 and GBV Capital. The capital raised is invested in product development, recruitment, the acquisition of new digital rights and the expansion of business customers.
“We are proud that such well-known investors are working with us to create the world’s first competitive environment for crypto mobile sports. We know they can fuel our growth and provide industry-specific insights and knowledge that will be critical to us. Our vision is a robust platform with blockchain and a state-of-the-art AI system that can analyze videos of players performing athletic challenges in real time, ”said Ricardo Martins Costa, Head of Growth at Dotmoovs.
dotmoovs is a blockchain-based sports platform that allows athletes to compete in peer-to-peer competitions while earning digital assets. In this way, the athletes can continue to get involved and integrate into their fans and the sports community.
As the sports industry generally warms up to cryptocurrency, dotmoovs is stepping in to bridge the gap between physical and geographic restrictions. The play-to-earn platform enables players to engage and compete with one another, evaluate their performance and monetize their time and skills.
As the NFT market becomes increasingly competitive, dotmoovs have worked to find a unique angle to stand out from the rest. An innovative arbitration engine allows athletes to bet on their own victory against an opponent that matches their ability in peer-to-peer competitions.
Moonrock Capital and Morningstar Ventures help incubate Dotmoovs
Dotmoovs’ platform uses a two-step algorithm to measure the human body and its various limb positions, followed by a scoring algorithm to measure the player’s skills. Dotmoov’s AI-based video referee evaluates performance in real time and determines the winner. The stake is then transferred and the ranking is updated.
Blockchain technology in the sports industry is thriving through world class endorsements, sponsorship, and fan incentive initiatives. The number of blockchain use cases in sports has skyrocketed in the last few months. This trend is likely to continue as mainstream crypto adoption exponentially increases across the industry.
dotmoov is the newest incubation of blockchain advisory and investment firm Moonrock Capital, which works in partnership with Morning Star Ventures. The two will work together to build a successful platform for launch. Moonrock Capital and Morningstar Ventures have a track record of serial success in incubating blockchain projects.
“We are very excited that this ambitious and revolutionary project is coming to life. It combines sports, blockchain and NFT with dotmoovs’ growth vision. We don’t see the level of their assistive technology every day. For these reasons, we are excited to be part of dotmoovs’ journey and help them achieve their vision. “ said Simon Dedic, Managing Partner of Moonrock Capital, and Danilo Carlucci, CIO Morningstar Ventures.