Mark Cuban-sponsored NFT marketplace raises $ 13 million in Series A – Bitcoin News
Mark Cuban-backed non-fungible token (NFT) marketplace Mintable has raised $ 13 million in a Series A funding round, according to an announcement made Thursday. Singapore-based Mintable plans to use the funds to expand its offering as the application already contains 700,000 NFTs minted on the Mintable platform.
NFT Marketplace Mintable raises $ 13 million
On July 1, 2021, NFT marketplace Mintable announced that it had raised $ 13 million in a Series A funding round. The investments came from well-known investors such as Metapurse, Ripple Labs, Animoca Brands, Metakovan, Doug Band, former advisor to Bill Clinton, and Shutterstock founder Jon Oringer.
More recently, Mintable worked with National Football League (NFL) quarterback Trevor Lawrence on an NFT collection series. Lawrence’s NFTs have sold for over $ 400,000 as well Mintable has also partnered with popular Japanese fashion brand Bathing Ape.
“With the new cash injection, Mintable will focus on scaling its operations and driving its growth and user acquisition initiatives,” Mintable said in a statement to Bitcoin.com News.
Additionally, Mintable’s founder and CEO Zach Burks stated during the announcement that non-fungible tokens are widespread and Mintable aims to mature along with the growing NFT industry. “During 2021, NFTs have achieved mass appeal, touching almost every sector that includes entertainment, visual arts, sports and many more,” said Burks. The founder of Mintable added:
As technology matures and the field continues to evolve, this is an important corporate milestone for Mintable, and we are grateful for the support of our investors who share the same shared belief in the many opportunities that NFTs can offer to mainstream users.
Mintable faces tough competition from a wide variety of NFT marketplaces
Mintable isn’t the only NFT marketplace raising investment funds as many other NFT companies and marketplaces in the industry are taking steps.
On the same day that Mintable announced the Series A capital increase, Animoca Brands announced that it also completed a capital increase of $ 138.88 million on Thursday. The funding brings Animoca Brands company to unicorn status as the company now has a valuation of $ 1 billion.
Bitcoin.com News at the end of June reported on the NFT marketplace Rarible, which is raising $ 14.2 million in a Series A funding round. As for Mintable’s investment, Michael Kam, a partner in Double Peak Group, said his company believes mainstream adoption is important and Mintable will further that goal.
“We believe that it is important for NFT platforms to attract non-crypto users, be user-friendly and be decentralized over the long term,” commented Kam. Since its inception in 2018, Mintable has been endorsed not only by investor and television personality Mark Cuban, but also Marc Benioff’s TIME Ventures and Ashton Kutchers Sound Ventures.
What do you think of Mintable raising $ 13 million? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Mintable,
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