NFT Marketplace Blur Raises $11m in Seed Fund

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

Blur’s NFT market focuses on skilled merchants. The funding spherical was led by enterprise capital agency Paradigm. A few of the different contributors included companies such as eGirls Capital, 0xMaki and LedgerStatus.

The startup agency mentioned “present NFT marketplaces prioritize the retail expertise, however they neglect the rising wants of professional merchants,” in a weblog publish after finishing the funding spherical.

“Infrastructure has did not sustain as month-to-month buying and selling volumes hit billions, and web2 enterprise fashions maintain the area again with poorly aligned incentives. Our mission is to unravel these issues and transfer the NFT area towards changing into institutional-grade whereas rising decentralization,” the corporate added.

Many different NFT initiatives and startups have additionally raised funding in current months.

In line with a report by Blockchain.Information from final week, Bored Ape Yacht Membership (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 group aimed to inject the funds into constructing a media empire that can predominantly characteristic NFTs, the report added.

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

In November final 12 months, Paradigm broke the earlier cryptocurrency enterprise fund.

Blockchain.Information mentioned that Crypto funding agency Paradigm smashed a earlier document of $2.2 billion with $2.5 billion for the biggest cryptocurrency enterprise fund ever, aimed on the “subsequent era of crypto corporations and protocols.”

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

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