Non-fungible token (NFT) startup FirstMate has efficiently raised $3.75 million for additional improvement of a brand new NFT storefront builder platform.
Led by crypto-focused enterprise capital agency Dragonfly Capital and with participation from notable traders akin to Coinbase Ventures and NextView, the funding spherical was introduced by FirstMate in a thread on social media platform X on Monday.
Launch of ‘NFT storefront builder’
In keeping with FirstMate, the cash raised shall be spent on the launch and additional improvement of what it referred to as a “creator-owned NFT storefront builder.”
Within the X thread, FirstMate defined that its new storefront builder has been designed in response to a necessity amongst creators for “a trusted place for his or her communities to transact.”
It went on to call six “visionary artists and creators” who already on the primary day launched their very own storefronts on the brand new platform.
“We consider that artistic individuals and their supporters are underserved by at the moment’s one-size-fits-all NFT platforms,” the corporate wrote, including that legacy platforms “put their very own pursuits above the wants of the person artistic particular person.”
“The disintermediation of the one-size-fits-all market reduces friction for creators, aligning incentives for artists and marketplaces,” the corporate stated.
FirstMate additional defined that its new product will enable NFT creators and issuers to place up all of their NFTs in a single place the place they’ll implement royalty funds on their very own phrases, whereas additionally customise a market that “displays on the standard of their art work.”
FirstMate was based in 2022 by individuals with expertise from corporations akin to Instagram and Walmart.
Its current marketplaces already help over a 1,000 totally different NFT collections.