NFT Marketplace’s MakersPlace has raised $30 million in a Series A round led by Bessemer Venture Partners and Pantera Capital.
MakersPlace made headlines earlier this year when it sourced and minted a collection of work by digital artist Beeple that sold for more than $69 million at Christie’s.
NFT Marketplace’s MakersPlace raised $30 million in a Series A funding round, the company announced Wednesday.
The round was led by Bessemer Venture Partners and Pantera Capital, with participants including Uncork Capital, Coinbase Ventures and Sony Music Entertainment.
MakersPlace plans to use the inflow of cash to grow its team and continue to expand its market.
“With this Series A funding round, we will further our commitment to unite the best digital artists with the most passionate collectors and continue to bring this new creative and collectible medium to a mainstream audience,” said Dannie Chu, co-founder and CEO of MakersPlace.
MakersPlace was founded in 2018 by former Pinterest employees Dannie Chu and Yash Nelapati and e-commerce executive Ryoma Ito. MakersPlace has raised $100 million in sales in the past year and has thousands of creators and collectors on the platform, according to the company.
The growing demand for NFT
The San Francisco-based company made headlines earlier this year when it sourced, cast and brought to market digital artist Beeple’s Everydays: the first 5,000 days, which sold for $69 million at Christie’s. The collage of digital images was sold as NFT.
Non-fungible tokens, or NFTs, are digital collectibles on the blockchain that can represent different files such as audio or images.Beeple’s collection is the most expensive NFT sold to date and one of the most expensive works by a living digital artist.
While NFT trading activity dropped slightly after peaking in March, it has picked up in recent weeks. In fact, earlier this week, NFT’s weekly trading volume exceeded $300 million. The NFT market continues to be popular amid this flurry of activity, with platforms such as OpenSea and Rarible recently securing funding.
NFT marketplaces play a key role in the creation and sale of these digital collections, as they allow creators to store, display and trade their work. Often, creators need to be verified in order to sell their work for acceptance and bids.