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Vaynerchuk Backs $7M Bet on You Wanting to Show Off Your NFTs’ IRL
Danvas is looking to bring high-art frames to high-art NFTs.
As NFTs continue their invasion of the art world, one startup wants to help collectors display their collections in the physical world.
Danvas said Tuesday it raised a $7 million seed round with investors including Greycroft, Lerer Hippeau, Waverley Capital, Gary Vaynerchuk’s VaynerFund, UTA Ventures, BDMI and angel investors Rich Greenfield and Jason Nazar.
STORY CONTINUES BELOW
The raise is just the latest example of startups looking to serve what JPMorgan now says is a $7 billion market for NFTs.
“Our goal is to create the most experientially compelling digital art frame in the world – one that invites you to interact with digital art, and ultimately convert you into a lifelong collector,” the startup’s founders, Jeanne Anderson (a former general manager of Saatchi Art) and Hernan Lopez (founder of podcast network Wondery), said in a release.
Right now, most displays on the market are approaching displaying non-fungible tokens as “a hack,” Anderson told CoinDesk in an interview. “They don’t want to show a beautiful piece of artwork on a sideways TV.”
Sam Wick of UTA Ventures said the investment is a bet that museums and auction houses will continue their embrace of digital art.
Added Vaynerchuk: “One of the missing links between the traditional and digital art worlds is display. How can you show your pieces in a way that matches their value and significance?”
Michelle Bloom
Michelle Bloom is CoinDesk’s Senior Social Media Editor. She works to identify opportunities within social media trends to inform CoinDesk's editorial and marketing strategy. Michelle is passionate about connecting with CoinDesk's audience and experimenting with new ways to increase the reach of CoinDesk's journalism. At Politico, Michelle helped recreate the news outlet’s visual storytelling and social media strategy. She also worked as a social media strategist for the International Consortium of Investigative Journalists’ high-profile rollout of the Pandora Papers. A member of the Knight Wallace for Journalists’ 2019 cohort at the University of Michigan and a graduate of Ohio University's Magazine Journalism program, Michelle has received two Awards for Excellence from the Society for News Design. She also volunteers with the Mount Vernon Amateur Radio Club in Alexandria, VA, and enjoys mentoring young journalists. Michelle is a member of the Online News Association, the Society for News Design and The Association of Cryptocurrency Journalists & Researchers. When she’s not scrolling through social feeds, Michelle is taking long walks with or enjoying the dog park with her three pups. An avid college football fan, you can find Michelle glued to her TV rooting on the Michigan Wolverines or her college team, the Ohio Bobcats. Michelle's crypto holdings are below CoinDesk's $1,000 disclosure threshold.
