Blur, a non-fungible token marketplace (NFT), announced that it had raised $11 Million in seed funding led by Paradigm on March 28. The NFT marketplace Blur says the startup is focused on building an institutional-grade NFT market that’s made “for pro traders.”
Blur Raises $11 Million to Craft the Startup’s Institutional-Grade Products
Blur, a NFT platform announced that it has raised $11 Million in seed financing from Paradigm. Blur reported that other participants in the round were Keyboard Monkey. Ledgerstatus. Egirl Capital. Santiago Santos. Zeneca. Deeze. Andy (Fractional).
Blur explained that the marketplace is designed for professional traders. The startup feels that retail traders are the majority of offerings on the market today. “Current NFT marketplaces prioritize the retail experience, but they neglect the growing needs of pro traders,” Blur’s announcement on Monday details. “Infrastructure has failed to keep up as monthly trading volumes hit billions, and Web2 business models hold the space back with poorly aligned incentives.” The startup’s blog post adds:
These problems will be solved and the NFT space can move towards institutional grade while increasing decentralization.
Blur currently builds the market in stealth mode, the company revealed. The team will also share details on how they can get early access to the future. Project has been a Twitter accountWith approximately 2,400 followers statements from a few investors like Deeze are highlighted on the project’s Twitter profile. “Excited to be a part of this round,” the investor Deeze tweeted on Monday. Sicarious Capital’s Sicarious Sicarious stated that the trader was looking forward to working with Blur.
“As a trader with a weak spot for NFTs, I’m very excited to help the [Blur team] bring their idea to fruition,” Sicarious explained to the trader’s 100,000 Twitter followers. “Can’t wait to try out their beta, I’ll see if I can get away with leaking a few sneak peeks.”
Blur’s announcement on Monday stresses that the mission to bolster the NFT space “will not be an easy feat.” However, Blur concludes by highlighting that the project has “assembled a team of builders with experience from MIT, Five Rings, Brex, Square, and Y Combinator to accomplish this mission.”
Fundraising has been successful for many NFT marketplaces and projects this year. Immutable, for example, raised $200 million during the first week March in a Series C led Temasek. Cryptoslam NFT analytics firm raised $9M from Sound Ventures and Mark Cuban in January. On March 22, creators of Bored Ape Yacht Club’s NFT collection (BAYC), raised $450M in seed funding. Yuga Labs now has a value of approximately $4 billion.
Do you have any thoughts about Blur raising $11 Million from Paradigm or other strategic investors. Comment below and let us know how you feel about the subject.
Credits for the imageShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.