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Binance Labs Leads A Funding Round for Lifeform to Support Web3 Digital Citizenship

2022-08-03

Main Takeaways:

  • Binance Labs leads the funding round for Lifeform, a decentralized visual digital identity solution provider.

  • Decentralized visual digital identity (DID) is an innovative technology that combines hyper-realistic 3D avatars with the creator economy and the NFT ecosystem. 

Binance Labs, the venture capital arm and accelerator of Binance, led the seed funding round of Lifeform, a disruptive decentralized visual digital identity (DID) solution provider. The fund will empower the next billion Web3 users with decentralized digital citizenship.

Lifeform, launched in 2021, has been planning to implement visual DID since 2018, driven by the vision to establish interoperability between the digital and physical realms. The company’s core technologies include:

  • hyper-realistic 3D avatar creation tools;

  • visual DID protocols;

  • secure and innovative contract solutions;

  • decentralized identity systems for Web3 avatars;

  • metaverse engine software development kits (SDKs)

On the backend, Lifeform populates these avatars with DID NFTs, allowing users to take the avatars to the Web3 space as representations of their own identities.

To further connect people with their digital visual identities, Lifeform has created a plug-and-play tool that allows users to bring their avatars into Web2 social media as an interactive representation of themselves. Lifeform has incubated multiple metaverse projects, such as the virtual human NFT project HALO, to create an ecosystem around their avatars and DID technologies.

The conceptual product design of Lifeform revolves around user-generated content (UGC). Lifeform continues to build easy-to-use editor tools with low barriers to entry, empowering users to create and share spontaneously. This helps expand a thriving community of creators and enables the generation of native Web3 intellectual property through technical solutions.

Mia Mai, Investment Director at Binance Labs, commented: “As users migrate from Web2 to Web3, their online presence will transition from digital simulation to digital-native. The underlying technology of Lifeform gives users a unique way to express their individuality and will eventually allow users to seek their vision of prosperity in a symbiotic ecosystem. We look forward to working closely with Lifeform to support Web3 digital citizenship.”

Lily Fang, the founder of Lifeform, said: “I believe that 3D hyper-realistic virtual humans will eventually become dynamic avatars for people entering the metaverse. We strive to achieve a widely recognized identity system of easy-to-use digital citizens. Lifeform will redefine and implement the infrastructure of a decentralized digital world through technological innovation. We focus on providing users with convenient and seamless visualization DID solutions, contribute to the ecological development of Web3, and stride forward at full speed towards the goal of a prosperous creator economy.”

The seed funding round will allow Lifeform to accelerate its product development and technical innovation. The team plans to connect 3D avatars to the current and future metaverse via simple SDK integration. At the same time, Lifeform will focus on the scientific optimization of iterative economic models and rolling out free security audits. The team is looking to facilitate the NFT ecosystem flow through partnership, and incubate more quality projects to strengthen the DID ecosystem.