Oxalus, a Vietnam-based blockchain startup developing a non-fungible token (NFT) social commerce platform, has raised $1.1 million in seed funding led by IDGCVB and Kyber Ventures.

Oxalus said in a statement on Thursday that with the new fund, the firm will consider making further investments in data development and growing its engineering team.

Oxalus was founded in 2022 by Hieu Nguyen Dang, an entrepreneur in E-Commerce, digital marketing, and platform building.

It is an NFT social commerce platform that allows users to connect, interact with other people online, and buy NFT collections.

This social platform focuses on NFT and opens the door for users to communicate with other traders and collectors, stay updated on the market news, and upcoming NFT events.

Through the platform, user can directly comments, likes, follows, shares on the platform, expresses themselves through creative content, manages their portfolio, and more.

The platform also combines with marketplace elements that are NFT Aggregator – a tool to help pro-traders to buy NFT from various marketplaces at the lowest price.

It also includes analytics tool that allows users to discover and visualize big data from blockchain – track every activity of wallets and collections, which help them to decide profitable investments.

Oxalus has connected over 200 partners throughout Asia, Latin America, and the United States as well as attracted approximately 900,000 unique users.

“Our startup selection criteria are to see if the startup is specialized in blockchain technology, the team can capture the essence of this technology to create a breakthrough in the market,” said David Tran, the General Partner of IDGCVB.

“Blockchain technology is still at the development stage, and it is not fully mature like technology in artificial intelligence (AI), e-commerce, or other industries, so the founding team must be people with an outstanding grasp of blockchain,” he added.

IDGCVB had an investment in blockchain enterprises namely Centic and Next Vision Capital (NVC).

Kyber Ventures also participated in the financing of Coin98, Airstack, and Aura Network.

Vietnam’s Aura Network raises $4M Pre-Series A funding led by Hashed and Coin98