NFT Metaverse Developer Alethea AI Receives $16M Funding

Software developer Alethea AI enlisted the backing of Mark Cuban by raising $16M in funding through the private sale of its tokens.

Alethea AI is working to create “smart NFTs” connected into a single meta-universe of bots. The company's developers intend to form a scalable infrastructure for the market of non-fungible tokens, thereby, once again highlighting the growing demand for art objects and other digital collectibles, both within the crypto community and among institutional giants such as Visa.

Mark Cuban was one of the main sponsors of the Alethea AI token sale in partnership with Crypto.com and Metapure. In addition to the owner of Dallas Mavericks, investors from Alameda Research, Galaxy Interactive, Gemini Frontier Fund, Multicoin, LD Capital, and other financial companies and funds that are no less recognizable in the "crypto space" also participated in the auction.

According to Alethea AI, most of the proceeds will be used to develop infrastructure for NFTs, which will provide them with "more dynamic characteristics." To implement their plans, the team is working closely with Open AI to develop the “core” underlying its idea. The result should be the transformation of non-fungible tokens into "interactive media assets with their traits, preferences and other features that exist in real-time”.

Many iNFTs with their own "personalities" will interact with each other within our parallel, computerized metaverse based on artificial intelligence. One of the clearest examples of what such "bots" would be was Alice, the first iNFT to be auctioned this June for $478,800.

While such a "revitalization" of NFTs and their transformation into something close to human consciousness sounds crazy to many. But the NFT community craze is sure to generate a huge hype around this project. In addition, in recent months, venture capital funds are paying more and more attention to ideas related to non-fungible tokens. One has only to recall the massive purchase of NFT stones for hundreds of thousands of dollars.

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