Pakt, the OS for On-Chain Connection, is proud to announce that our pre-seed round has been led by the Avalanche Foundation, with 4Ward joining as an investor.
“We are incredibly excited to be a part of Pakt’s future,” said John Nahas, Vice President of Business Development, Ava Labs. “Chainsites are a huge step forward in making Web3 more accessible, and the founding team brings tons of relevant insights and experience to this unique market opportunity.”
These funds accelerate Pakt’s efforts to empower Web3 pioneers to build their own “Chainsites” — websites featuring trust-enhancing blockchain components such as an intuitive Smart Contract Tool, dynamic on-chain profiles, non-custodial escrow wallets, and issue resolution.
With Pakt, users can easily build and launch Chainsites best categorized as Fair Open Access Markets (FOAMs), Social Playgrounds, or Content Expression platforms.
Examples of potential FOAMs include a co-op Uber owned by the drivers, a decentralized Steam-like game store, or an on-chain Upwork where clients can confidently commission freelancers such as developers, designers, or NFT artists.
A Social Playground might entail a trusted social media platform for a university, a neighborhood sports league with player profiles, or a bespoke dating site with an immutable reputation layer.
Content Expression platforms could come in the form of a pay-as-you-read online AI-augmented comic, a co-created industry media site, or a decentralized Netflix + Spotify-style streamer with fair royalties, automatic payouts, and no gatekeeping.
“We can’t wait for users to start creating on Pakt,” said Olusegun Komolafe, Pakt’s CTO and Co-Founder. “No-code builders can spin up Chainsites by plug-and-playing customizable templates and mods. Vendors can upload templates and mods and get paid each time they’re used. And devs (and AIs) can tap our open-sourced APIs as a jumping off point for technological innovation.”
Last fall, Pakt won the inaugural Avalanche Creates pitch day in Berkeley, judged by representatives from a16z, Avalaunch, Blizzard, Circle, Dragonfly Capital, Falcon X, Framework, Jump, Kraken and Pantera. The winning demo showcased Pakt’s pilot program, Afro.Fund, a Chainsite built to connect African tech talent to global opportunity.
“We regard the builders at Ava Labs as blockchain’s best in class, so winning Creates was a gratifying validation of our mission,” said Matt Palmieri, Pakt’s Chairman and Co-Founder. “With this investment, we’re set to double-down on weaving Avalanche’s institutional-grade scalability, high-speed throughput, and low-cost transaction infrastructure into the fabric of everyday digital connection.”
Following Avalanche Creates, Pakt’s Nigerian and American team members convened in Kigali, Rwanda for a build sprint to the Avalanche Summit in Barcelona, May 3–5, where they will unveil the private beta of Pakt’s v1.
“It’s time for Web3 to onboard its first billion users, one Chainsite at a time,” said Brendan Joyce, Pakt’s CEO and Co-Founder. “Pakt’s goal isn’t to capture the future, but rather to supercharge the co-creation of the blockchain-powered New Internet of trusted value.”
To learn more about Pakt or request early access to start building on the private beta, visit Pakt’s website at Pakt.World or twitter account @paktworld.
About Avalanche
Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.
About Ava Labs
Ava Labs makes it simple to launch decentralized finance applications on Avalanche, the fastest smart contracts platform in the blockchain industry. We are empowering people to easily and freely digitize all the world’s assets on one open, programmable blockchain platform.
Ava Labs was founded by Cornell computer scientists who brought on talent from Wall Street to execute their vision. The company has received funding from Andreessen Horowitz, Initialized Capital, and Polychain Capital, with angel investments from Balaji Srinivasan and Naval Ravikant.
About Pakt
Pakt is a protocol providing an incentivized platform for blockchain builders to connect and co-create a more trustworthy and equitably enriching New Internet.
© 2023 Pakt
