Splyt Core, an open source e-commerce protocol built around the eNFT, has completed a $2.2 million raise with participation from Master Ventures, Bigcoin Capital and Kyros Ventures.
The protocol’s goal to transform e-commerce by standardizing the transmission control protocol for e-commerce non-fungible tokens (TCP/eNFT) – a decentralized e-commerce ecosystem regulated by internal protocol for fairness and governed by consensus for flexibility. Anyone who participates in e-commerce is a potential user: consumers, affiliates, markets, and brands. The Splyt Core App allows existing e-commerce stores to plug and play, integrating seamlessly into the layer-2 eNFT infrastructure. Current plug-ins include Shopify, Woo commerce, and Magento.
Splyt deploys a multi-layered network that includes companies, cooperatives, and foundations and is designed to ensure cooperation, compliance, and user engagement at every level.
The first use case is Maison Du, built to cater to the luxury industry, and will launch with more than 2,000 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 founder and CEO Cyrus Taghehchian.