Starly, a gamified NFT platform, has received $6.1 million in investment following the completion of its pre-IDO funding round. In a round led by blockchain investment and advisory firm The Spartan Group, the Flow-powered platform, which only launched in September, attracted a Who’s Who of venture capital firms.
“We see Starly, with its unique mechanism for creators to create NFT collections, as part of a broader trend of NFT creation and collection becoming more accessible to mainstream audiences,” said Kelvin Koh, Spartan Capital co-founder, partner, and CIO.
Dapper Labs, Animoca Brands, LD Capital, Double Peak, and Shima.capital also contributed.
Aiming for the Moon
Starly is a gamified ecosystem where users can buy and sell works in order to complete valuable collections. It serves as both a marketplace for NFT trading and a launchpad for NFT-focused projects.
Meanwhile, creators can use Starly to curate their own collections using an easy-to-use NFT-generation tool before selling them on the secondary market. There are three membership tiers available: silver, platinum, and gold, with each conferring a different level of benefit on holders of the platform’s eponymous native token.
On December 20, the STARLY token IDO will be conducted on DAO Maker before being listed on a major exchange the following day.
In response to the recent funding round, the company’s CEO, Ilja Terebin, stated, “Although the NFT ecosystem is still in its infancy, projects are already becoming set in their ways; it’s difficult to find true innovation from the same NFT issuing and reselling market.”
“At Starly, we’ve created something truly unique – a platform where NFTs can be instantly minted, gamified, granted rare status, and used as part of a collection as well as something users can enjoy.”
Starly, created by the same team that brought you F3 and Ask.fm, debuted after six months of research and development and has already generated over $750,000 in sales despite only being available since late September. The platform organizes NFTs in sealed packs with varying rarity classes – each collection contains a set of 21 cards, with 11 common, 6 rare, and 4 legendary cards.
Starly, like the leading NFT project NBA Top Shot, is built on the Flow blockchain, which is known for its high throughput and low latency. Dapper Labs, the company behind Flow, was valued at $7.6 billion in September, around the time Starly was launched.
Sales volumes have risen sharply as more NFT platforms have come online, surpassing $10.7 billion in the third quarter of 2021 – up more than eightfold from the previous quarter. According to a new Deloitte study, sports-focused NFTs will generate more than $2 billion in revenue next year.
Although Starly is still in its early stages, the company will be hoping to follow in the footsteps of the eBay-like OpenSea marketplace, which recently reached a valuation of $10 billion.