Mark Cuban-Backed NFT Marketplace Raises $13M in Series A
The NFT market is on a roll with new projects, collaborations, and fundraising, showcasing its potential. Mintable, the Mark Cuban-backed marketplace for NFTs, became the most recent example of that. The Singapore-based platform raised over 13 million dollars in its investment round Series A.
The marketplace intends to use the funds to expand its proceedings. The investment round was supported by well-known names like Ripple Labs, Doug Band (Shutterstock’s Founder and Bill Clinton’s former advisor), Metakovan, Animoca Brands, Netapurse, Jon Oringer, and more.
Mintable recently collaborated with Trevor Lawrence (NFL quarterback) in an esteemed non-fungible token collection series. The quarterback’s NFTs grossed over 400,000 dollars, after which the platform joined hands with Bathing Ape (a renowned fashion brand in Japan) as well.
They released an official statement on BItcoin.com stating that the funds will help the platform scale its operations, acquire more users, and boost its growth.
Zach Burks (Mintable’s CEO and Founder) also shared his thoughts on the matter. He stated that
NFTs are garnering global attention, and Mintable will leverage the growth to achieve great things. Across 2021, non-fungible tokens have garnered mass attention, covering major sectors like sports, arts, entertainment, and many more.
He added that
as NFTs continue to grow its influence, Mintable considers the move as an achievement. The team is thankful to the investors who share their beliefs and trust that NFTs can garner a global audience.
The Competition is Brewing
While Mintable is harboring global attention, it faces intense competition from marketplaces and ventures within the sector.
The day Mintable announced its investment round Series A, Animoca Brands also announced raising 138.88 million dollars. With the collection, Animoca Brands reached the 1 billion dollars valuation mark.
Bitcoin.com also stated that Rarible (NFT marketplace) had raised 14.2 million dollars.
Kam stated that NFT platforms could easily establish a non-crypto audience due to their decentralized and user-friendly nature. Ever since its release in 2018, Mintable has been supported by multiple renowned personalities. While Mark Cuban is the first name that pops up in everyone’s mind, Sound Ventures by Ashton Kutcher and TIME Ventures by Marc Benioff also support the platform openly.
With this move, Mintable is making giant strides in the NFT marketplace sector. While the competition is tough, gaining support from Mark Cuban and other personalities will help the platform secure its position.