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LG launches NFT platform to transact digital artworks. 2 other stories and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today

1. LG launches NFT platform to transact digital artworks

Electronics manufacturer, LG Electronics, has on Monday launched NFT platform that allows users buy and sell digital artwork.

The latest development was confirmed in a media release by Chris Jo, senior vice president and head of platform business at LG Electronics home entertainment company.

Ripples Nigeria gathered that LG Electronics partnered with Hedera network to offer an app that will enable users to purchase NFTs via Wallypto, LG’s crypto wallet for smartphones.

“Wallypto, built on Hedera, has been built since September 2021,” said Jo.

“LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves,” Jo added.

Ripples Nigeria understands that Hedera will allow users to transact for less than $0.0001 cent per transaction (with no high gas fee or hidden costs).

Tech Trivia: What is the purpose of a Molex connection?
A. To transfer digital data
B. To convert an analog signal to digital data
C. To provide electrical power
D. To enable wireless transmissions
Answer: see end of post

2. Enterprise ecommerce solutions, el-dokan, secures $550,000 pre-seed round

A 2-year-old Egypt-based enterprise e-commerce solutions platform, el-dokan, has announced securing a $550,000 pre-Seed round led by a group of local and regional investors including EFG EV and Flat6Labs, 500 Global and Hala ventures.

Read also:Egypt’s psychotherapy startup, Shezlong, expands to South Africa. 2 other stories and a trivia

Ahmed Maher, co-founder and chief executive officer (CEO) of el-dokan, confirmed the latest funding in a press release on Monday.

el-dokan claims it offers e-commerce technology to corporate clients to set up their web storefronts.

The company was cofounded in 2020 by Ahmed Maher, Mohammed Shirt and Sherif Alaa.

Commenting on the announcement, Maher stated:

“The technology pioneered by el-dokan ‘changes the equation’ by helping retailers drive sales growth while simultaneously bringing down maintenance costs, making it possible for our retailers to quickly and easily develop APIs connections with our partners to ensure the highest levels of operational efficiency.”

el-dokan said that it is seeking to expand its e-commerce market share, increase sales and operation automation.

3. Egypt-based second-hand cars marketplace, Carzami, secures pre-Seed round

An Egyptian second-hand cars marketplace Carzami has on Monday secured an undisclosed pre-Seed round led by Contact Financial Holding.

The new funding was confirmed in a press release by Hazem Moussa, Chairman of Contact Financial Holding.

Hussein Hosny and Adham Hosny, founded Carzami earlier this year.

According to the press release, Carzami is an online retailer for quality used cars and vehicle financing.

Carzami said that it would use the new funding to boost its inventory.

“Our faith in digitizing the automotive market in Egypt has been with us from our early years, we launched contactcars.com in 2002 as the first car marketplace and community for both new and used cars,” stated Moussa.

Ripples Nigeria understands that the two Carzami Founders are seasoned entrepreneurs in the automotive industry who started this business venture to address the problems associated with buying and selling used cars.

Trivia Answer: To provide electrical power

A Molex connector is a common type of connector used to power internal computer components.

The name comes from the Molex Connector Company, which pioneered the two-piece electrical connectors that became standard in computers and other electronics.

By Kayode Hamsat

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