Itheum debuts on Elrond’s strategic launch platform

Elrond (EGLD/USD), the ecosystem working on internet-scale blockchain technology to onboard the next billion people into Web3 and the metaverse, has partnered with Itheum. The Web3 data brokerage will make its debut on Elrond’s strategic launch platform, the Maiar Launchpad, Invezz learned from a press release.

Itheum, which is incubated by Morningstar Ventures in Elrond Dubai, will appear on the launchpad in late March or early April.

Transcending the unilateral advertising model

Itheum aims to move the fundamentals of the internet economy away from the one-sided advertising model, where people gather user data freely and tech platforms use it. They want to introduce a collaborative model with fully aligned incentives for data producers and consumers.

Mark Paul, Itheum CEO commented:

Some of the brightest minds of our generation and insane amounts of resources are increasingly focused on finding new ways to harvest data from users and selling it further for ads. If we empower users and businesses to own their data and derive value from it, the internet can progress to a new level of usefulness and trust, a solid foundation for the next territory for human evolution: the Metaverse.

Itheum will use Elrond Network’s scalable blockchain technology to make it possible for people everywhere to manage their personal data as assets. Itheum is also leveraging NFT technology to create metaverse data avatars called NFMe IDs.  

Beniamin Mincu, Elrond Network CEO added:

The elements are in place for building a compelling environment where adventure, exploration, and curiosity are elevated to unprecedented levels of immersion and unique relevance. Data will be the building blocks of the Metaverse, and Itheum is creating the premise for everyone everywhere to share in the significant upside potential of this untapped new economy.

New tech will enable richer experiences

With NFMe ID technology, users will be able to add a metadata layer to their regular avatar. This will make their experiences richer and more customized. At the same time, their data will become a naturally recurring income stream.

An enterprise-ready platform

The Itheum platform is ready out of the box. A number of clients in labour, hospitability, and healthcare have pioneered it, acknowledging data assets as the next frontier for significant growth.

The post Itheum debuts on Elrond’s strategic launch platform appeared first on Invezz.