Non-fungible token (NFT) startup FirstMate has efficiently raised $3.75 million for additional growth of a brand new NFT storefront builder platform.
Led by crypto-focused enterprise capital agency Dragonfly Capital and with participation from notable buyers resembling 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 can be spent on the launch and additional growth 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 their 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 believe that creative people and their supporters are underserved by today’s one-size-fits-all NFT platforms,” the corporate wrote, including that legacy platforms “put their own interests above the needs of the individual creative person.”
“The disintermediation of the one-size-fits-all marketplace reduces friction for creators, aligning incentives for artists and marketplaces,” the corporate mentioned.
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 will implement royalty funds on their very own phrases, whereas additionally customise a market that “reflects on the quality of their artwork.”
FirstMate was based in 2022 by individuals with expertise from firms resembling Instagram and Walmart.
Its current marketplaces already assist over a 1,000 totally different NFT collections.