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Non-fungible token market platform (NFT) Makersplace on Wednesday secured $ 30 million in a Series A funding round. The team behind the NFT market said it plans to shoot using funds to “acquire additional talents and develop the business”. While Series A was co-directed by Pantera Capital and Bessemer Venture Partners, global hip hop star Eminem also invested in Makersplace.
Makersplace raises $ 30 million to develop its NFT business
The company that developed the non-fungible token (NFT) market platform Makersplace revealed that the company has raised $ 30 million from a number of investors. Bessemer Venture Partners and Pantera Capital co-led the financing round with participation from Sony Music Entertainment, Coinbase Ventures, 9Yards Capital, Uncork Capital and Draper Dragon Digital Assets.
Additionally, Makersplace revealed that the investment cycle has seen notable angel investors like Paul Rosenberg and 3LAU in music, Eminem, Acquavella Galleries, Sabrina Hahn and Bill Ruprecht in the arts, alongside Julia and Kevin Hartz.
The Makersplace Marketplace was founded in 2018 by e-commerce veteran Ryoma Ito and two Pinterest colleagues Dannie Chu and Yash Nelapati. Dannie Chu, co-founder and CEO of Makersplace, said the company sees the work it is doing as “an investment in the future of creativity.” The NFT Marketplace that Chu co-founded three years ago has seen over $ 100 million in sales and 10 times as many unique collectors in the past 12 months.
“Makersplace has played a pivotal role in igniting a global conversation about NFTs and the future of the designer economy this spring,” Chu said in a statement. “With this Series A, we will strengthen our commitment to unite the best digital artists with the most passionate collectors and will continue to bring this new medium of creativity and collection to a mainstream audience.”
A large number of NFT markets are raising capital this year, Makersplace boasts of the world famous Beeple NFT sale
Makersplace will have to face a lot of competition as there are many NFT markets out there these days. Many of the major NFT marketplaces raised millions of dollars in capital in the 2021 fundraising rounds. For example, the NFT Mintable marketplace, backed by billionaire Mark Cuban, raised $ 13 million in a Series A on July 1. At the end of July, Opensea announced that it had raised $ 100 million in a Series B round. The NFT Rarible marketplace raised over $ 14 million in capital and revealed its intention to get into the Flow blockchain.
The company will also face the two main exchanges Crypto.com and FTX. While Crypto.com already launched its NFT market With the help of celebrities like Snoop Dogg, FTX recently revealed that it has teamed up with film, media, marketing and television giant Dolphin Entertainment.
In the recent announcement, Makersplace thanked specific NFT artists and said the company’s sales results were driven by creators like Beeple, Bosslogic, Trevor Jones, Pak, DeadMau5, Urs Fischer, Patrick Mahomes, 3LAU, Jose Delbo and Lushsux.
The announcement of a $ 30 million Series A fundraising round also mentioned one of NFT’s biggest sales ever. Makersplace is well known for its collaboration with Christie’s when Beeple auctioned off its NFT collectible “Everdays: The First 5000 Days”, which grossed $ 69 million.
“We strongly believe that NFTs will power the next generation of digital art, collectibles, media, experiences and more,” said Paul Veradittakit, partner of Pantera Capital, of the Makerplace Series A capital increase.
What do you think of Makersplace raising $ 30 million in Series A funding round? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Eminem, Paul Rosenberg, Makersplace,
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