Jay-Z-Backed Web3 Startup Garners $14M Funding

Can you wear the internet? Jay-Z and Spatial Labs say you can, and it’s beneficial to nature.

Rapper Jay-Z performing in a spatial portal.
  • Spatial Labs manufactured the 13mm LNQ One Chip.
  • These physical chips are linked to NFTs on Polygon.
  • Spatial Labs aims to make fashion more sustainable.

Spatial Labs presented the revolutionary idea of ‘Wearable Internet’, when founder Iddris Sandu brainstormed with his good friend and multi-platinum hip hop artist, Jay-Z. The disruptive LNQ Chip technology aims to bridge the gap between physical and digital wearables.

Sponsored

Furthermore, the LNQ Chip, which can be embedded or sewn into physical clothes, makes another copy of the item so it can be used in Web3. In addition, the 13mm chip links with dynamic NFTs on Polygon (MATIC). Thus, the hardware can connect brands with their audience via NFC technology. For instance, constantly updated content can be uploaded directly to the 13mm chip’s metadata.

Bringing Sustainability to Blockchain and Fashion

The goal is to make Web3 fashion accessible and interoperable with the physical world’s fashion industry while bringing much-needed sustainability. The founder of Spatial Labs, Mr. Sandu, tackled the issue of fast fashion – an industry deemed one of the most wasteful and polluting.

Commenting on the issue, Sandu remarked that people are interested in preserving nature, but what stops them from actually contributing towards it is the unbearable prices. “We haven’t gotten to a space where those sustainable products are equally within the same price range as the products that are not,” – says Sandu, implying that talking about sustainable fashion usually feels like confirmation of social status, as only extremely wealthy people can find the money to wear eco-friendly clothes exclusively.

Sandu and his brainstorm buddy, the multi-platinum rapper and entrepreneur Jay-Z, take their inspiration from the blockchain. Indeed, blockchain technology has already made huge strides in sustainability, as the second largest digital asset Ethereum (ETH), switched to Proof Of Stake (PoS) in mid-2022. Hence, energy consumption levels have dropped by a shocking 99.99%, making crypto and blockchain technology more attractive to the public.

In a nutshell, Spatial Labs believes that the same efficiency can be achieved in the fashion industry with the help of blockchain technology and suitable, accessible hardware solutions. While it may be hard to convince many business owners, the Web3 startup makes the change bit by bit and is here to stay.

On the Flipside

  • The founder of Spatial Labs claims that there’s a huge gap in the venture capital mentality compared to small investors.
  • Iddris Sandu previously worked with other established artists, such as Beyonce and Nipsey Hussle, to implement AR/VR tech in their business ventures.

Why You Should Care

More real world utility for Web3 companies can significantly accelerate crypto adoption worldwide.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.