• Blur, a new NFT marketplace, raises $11 million

  • Blur joins the ranks of NFT initiatives that have attracted significant investment from investors as a result of this funding.

    Blur said in a news release on Monday that it has raised $11 million in a fundraising round led by prominent venture capital company Paradigm. According to the company, the cash will be used to provide the greatest NFT marketplace for professional traders.

    Blur noted that the trading volume of the NFT area has expanded significantly into billions since the beginning of the year; nevertheless, the present marketplaces do not cater to the needs of professional traders, instead prioritizing the experience of ordinary investors. This has created a void in the space it is attempting to fill.

    The firm claims that “infrastructure has failed to keep up as monthly trade volumes reach billions, and web2 business models hold the space back with poorly matched incentives.” Our objective is to tackle these issues and advance the NFT space into institutional-grade status while boosting decentralization.”

    When asked about the degree of experience on its staff, Blur indicated that team members had prior experience at MIT, Five Rings, Brex, Square, and Y Combinator. It also stated that they had previously constructed spot exchanges, markets, and financial products that were used by millions of individuals globally. All of these would put it in an excellent position to develop a solution that would aid in unlocking the future of NFTs.

    Blur joins the ranks of NFT initiatives that have attracted significant investment from investors as a result of this funding. Yuga Labs, the parent company of the Bored Ape Yacht Club (BAYC), just raised $450 million in a round of fundraising led by a16z. Immutable, a firm dedicated to advancing NFTs by focusing on layer-2 technology, had previously raised $200 million.

    eGirl Capital, 0xMaki, Keyboard Monkey, Santiago Santos, Zeneca, Deeze, Andy (Fractional), and LedgerStatus are among the other investors in the round.

    What's your reaction?
    Happy0
    Lol0
    Wow0
    Wtf0
    Sad0
    Angry0
    Rip0