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Blockchain

NFT Marketplace Blur Raises $11m in Seed Fund

Non-fungible token (NFT) market Blur acknowledged that it has raised $11 million in new seed funding.

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Blur’s NFT market focuses on skilled merchants. The funding spherical was led by enterprise capital agency Paradigm. Some of the opposite individuals included corporations such as eGirls Capital, 0xMaki and LedgerStatus.

The startup agency mentioned “current NFT marketplaces prioritize the retail experience, but they neglect the growing needs of pro traders,” in a weblog submit after finishing the funding spherical.

“Infrastructure has failed to keep up as monthly trading volumes hit billions, and web2 business models hold the space back with poorly aligned incentives. Our mission is to solve these problems and move the NFT space toward becoming institutional-grade while increasing decentralization,” the corporate added.

Many different NFT tasks and startups have additionally raised funding in latest months.

According to a report by Blockchain.News from final week, Bored Ape Yacht Club (BAYC) creator Yuga Labs mentioned that it raised the sum of $450 million in funding in a spherical led by Andreessen Horowitz (a16z).

The fund successfully positioned Yuga Labs at a $4 billion valuation and the crew aimed to inject the funds into constructing a media empire that can predominantly function NFTs, the report added.

Immutable, which focuses on layer-2 tech for NFTs, additionally raised a fund value $200 million.

In November final yr, Paradigm broke the earlier cryptocurrency enterprise fund.

Blockchain.News mentioned that Crypto funding agency Paradigm smashed a earlier report of $2.2 billion with $2.5 billion for the biggest cryptocurrency enterprise fund ever, aimed on the “next generation of crypto companies and protocols.”

The three-year-old funding agency surpassed the $1.5 billion goal set final month when it began to lift the fund. Ultimately, elevating $2.5 billion to beat VC agency Andreessen Horowitz’s $2.2 billion funds from earlier in 2021.

Image supply: Shutterstock

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