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Animoca Brands Leads $8M Fundraising Round for NFT Platform Built on Solana
The funding will go toward expanding Burnt Finance’s headcount and tapping new partnerships with artists and other Solana-based projects.
Burnt Finance, a protocol built on Solana, has raised $8 million in a funding round led by Animoca Brands. The protocol also launched its non-fungible token (NFT) platform.
- The capital will go toward adding staff and exploring partnerships with artists and other Solana-based projects.
- Burnt Finance, known for burning a piece of artwork from street artist Banksy before selling a digitized version as an NFT, also said it has launched its NFT marketplace, which will feature auctions and allows users to mint and sell digital assets.
- Other investors in the round included Alameda Research, Multicoin Capital, Valor Capital, Figment, Spartan Capital, HashKey, Terra, Fantom and others.
- Alameda and Multicoin led the protocol’s $3M fundraising round in May.
- “We are now looking to expand onto other chains such as Terra and Fantom while building out new functionalities that bridge the worlds of DeFi [decentralized finance] with NFTs,” the Burnt Finance team, which insists on anonymity, said in an emailed statement.
- The team sees demand for NFTs continuing to surge. Data from DappRadar shows the NFT market reached $22 billion in 2021.
Read more: Banksy Burners Raise $3M to Build NFT Platform on Solana
STORY CONTINUES BELOW
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
