Trace Network Raises Strategic Investment of Over $1.6 Million From Leading Blockchain Investors
The NFT based enterprise DeFi protocol, Trace Network with its up-and-coming Bling NFT marketplace for luxury and lifestyle products has commenced the launch of its native TRACE token. In the process, Trace Network has successful raised over $1.6 million from strategic investors from the industry, which will go towards funding the development of a full-fledged ecosystem.
With the effective implementation of blockchain technology, Trace Network is working on redefining the product life cycle and maintaining traceability throughout the supply chain and into the hands of the end-user. The value addition offered by the project has gained the attention of mainstream industry, which has encouraged them to play an active role in Trace Network’s development by providing the initial capital and indirect assistance with market penetration and outreach.
As the project shapes up, Trace Network’s offerings as a whole includes Bling – a unique limited edition luxury goods NFT Marketplace; a virtual business network that acts as a data exchange to enable sustainability and traceability, and the proof of business transactions from virtual business networks that powers DeFi capabilities for enterprises.
Bling is unique in its own way as it creates a bridge between limited edition luxury goods and blockchain assets by enabling manufacturers to create NFTs representing their products and listing them on the marketplace for sale or auction. Meanwhile, users can scroll through the listing, pick the item they like and make the purchase. Once they own the NFT, they also get ownership of the limited-edition luxury product it signifies. They can either choose to hold on to the NFT, trade it or place an order to receive the actual physical item delivered to their doorstep.
Meanwhile, the strategic investors extending support to Trace Network include some of the industry heavyweights like AU21 Capital, NGC Ventures, OKEx Blockchain Dream Ventures, LD Capital, Spark Capital, Morningstar Ventures, Inclusion Capital, Lotus Capital, Spart Digital Capital Moonrock Capital, Blocksync Ventures, 18.ventures, DAO Maker, Acheron Trading, EthDesign, Genblock Capital, Master Ventures, GBV Capital, Black Edge Capital and Moonwhale Ventures and even angel investors like the COO and co-founder of Polygon – Sandeep Nailwal.
Trace Network has also partnered with Biconomy to enable end-to-end gasless transactions on Bling and the platform.