Presidio Ventures Makes Strategic Investment in Web3 Pro, Inc.; Will Leverage Sumitomo’s Network to Enhance Value of Enterprise NFT Platform
Jul 14, 2022
NEW YORK, July 14, 2022 /PRNewswire/ — Presidio Ventures, a Sumitomo Corporation of Americas (“SCOA”) Group Company, has joined a bridge round for Web3 Pro, Inc. (“Web3 Pro”), a white-label enterprise Non Fungible Token (NFT) platform company headquartered in Palo Alto, CA. Web3 Pro will use the funds from this round to continue expansion of its global team, build a next generation enterprise-grade suite of software in the NFT and Web3 area, and enter into numerous industry verticals including entertainment and music and sports.
“We’re excited to enter into the Web3 world and expand our media and entertainment business horizon through our investment into Web3 Pro,” said Mr. Doug Kuribayashi, CEO of Presidio Ventures. “We believe that Sumitomo Corporation’s expertise and significant experience in the media, entertainment, digital and commerce business, together with its widespread customer base in consumer business will add value to Web3 Pro in the future.”
Christian Ferri, a blockchain pioneer and author on the subject, and the CEO and Founder of Web3 Pro, said “We are excited to bring on Presidio Ventures as an investor and supporter of our expanding platform. With their resources and access to Sumitomo’s global network, we are confident we can continue to scale our company and enter into new markets, providing a unique offering across various industries.”
The term “Web3” is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics. Serving as SCOA’s venture capital arm, Presidio Ventures anticipates myriad opportunities to help scale and apply Web3 Pro’s unique solution throughout the company’s vast business network. Sumitomo Corporation has extensive experience within the media and entertainment sector and possesses a wide network of industry partners, businesses and consumer customers. Web3 Pro’s technology has the potential for enterprise-level customers to evolve their Web2.0 websites and business into emerging Web3 enabled ones using NFTs as a utility so that they can attract younger generation customers in this post-COVID digitized world.
NFTs are traded in marketplaces such as OpenSea, used in games and metaverses such as Crypto Kitties and Sandbox respectively. According to Financial Times, $41 billion has been spent on NFTs to date, making the market for digital artwork and collectibles almost as valuable as the global art market. As the market grows and matures, NFTs are being used as “utilities” for companies and projects to provide customers with rights to participate in physical events, access to metaverse festivals, receive priority to purchase upcoming merchandise, tokens and NFTs, and much more.