E-Commerce NFT Infrastructure Splyt Core Raises $2.2M, Oversubscribed By $350M

Splyt Core, an open source e-commerce protocol built around the eNFT, has raised $2.2 million in a funding round, oversubscribed by $350 million. Investors include include Master Ventures, Bigcoin Capital and Kyros Ventures.

Splyt is an e-commerce NFT infrastructure that connects e-commerce stores, brands, and affiliates. Splyt’s primary tool is the eNFT: the e-commerce non-fungible token. Each product listed on the Splyt platform will be assigned a unique eNFT, which will follow the product throughout its lifecycle in the Splyt system. eNFT’s can be listed on multiple markets, but when it is sold on one market, it is removed from the others. This live-updating inventory prevents the double sale problem in retail. The eNFT is also a certificate of authenticity that carries the product’s history with it, helping to prevent knockoffs. A resale fee can be added to it to help prevent scalping. A bounty can be added to incentivize affiliate marketers to help sell the product, removing the need for negotiations and the trouble with affiliate links. Finally, all market activity can be tracked, providing brands with valuable sales data.

“Splyt actually conceptualized the NFT long before the current frenzy – we helped pioneer that,” said Cyrus Taghehchian, CEO and Founder of Splyt. “Splyt minted NFTs in 2017 well before the erc-721 was introduced in 2018. Since then we’ve built out the technology.”

Splyt’s first use case is Maison Du, built to cater to the luxury industry, and will launch with over 2000 brands, affiliates, and stores. This influx will set the stage and pave the way for more and more brands to join. Further funds will be used to develop technology, build apps, and marketing their message.

“We are unique in this space as we are one of the few companies with an existing product that resolves real-world problems… The problems of retail and e-commerce are widely known, so our solutions almost feel like a no brainer for many. That is critical to our success, and critical in driving the interest Splyt has generated,” said Cyrus.

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