New Delhi [India], June 21 (ANI/PNN): Bitliberte will become India's first Web3 startup to raise USD 1.76 million to establish a full-fledged FashionFi ecosystem that will use non-fungible tokens (NFTs) and decentralized autonomous organizations (DAO) to bridge the gap between fashion and finance.

Web3 is a notion for a new version of the World Wide Web based on blockchain technology, with decentralization and a token-based economy. From the debut of Bitcoin to the recent trend of the metaverse, NFTs, and P2E platforms, blockchain technology has been innovating at a rapid speed.

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While the bulk of Crypto industry advancements has occurred in the virtual realm, there is a significant need for this transparent and irreversible technology to be used to solve real-world problems.

According to Bitliberte, a DAO-based ecosystem of exclusive NFTs, fashion products, and metaverse assets, the $1.76 million worth of funding will be used to acquire more users, hire more people for significant roles, and help in the transition of consumers from Web2 to Web3. It allows consumers to become fractional owners in a global network of companies, thereby revolutionizing the fashion industry for the common masses.

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In recent months, luxury brands like Louis Vuitton and Gucci have taken a leap into the Crypto world with their NFT collections. It has given rise to a concept called FashionFi.

"The fundamental purpose of our protocol is to put power in the hands of customers through a governance portal and to allow users to own fashion products and shops fractionally." Vaibhav Seth, CEO and Founder of Bitliberte, stated.

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