Makersplace, a San Francisco-based NFT marketplace, has raised $30 million in their most recent round of funding.
When Beeple auctioned off an artwork on MakersPlace in March, the platform gained its first significant amount of attention. Makersplace hosted the auction while Christie’s auctioned off the artwork. The Beeple work, which sold for $69 million, is still one of the most expensive NFTs ever sold.
The cash will be used to make further hiring and scale corporate operations, according to the company. The potential for growth will remain high as non-fungible tokens continue to gain popularity.
Already, the NFT market is backed by a slew of well-known investors and organizations. Uncork Capital, Draper Dragon Digital Assets, 9Yards Capital, Next Play Ventures, Coinbase Ventures, and Sony Music Entertainment all participated in this investment roundtable.
The session was co-managed by Bessemer Venture Partners and Pantera Capital.
The company, which was founded in 2018, presently employs 17 people. As a result, the extension allows Makersplace to grow in tandem with the market. Makerplace is led by Darrell Rocha, head of communications (Sotheby’s auction house), Keith Bormuth, head of design (Pinterest and Nike), and David Weier, head of music collaborations (Fuse and VH1).
Makersplace was the NFT marketplace that accepted both cryptocurrency (ETH) and US cash.
Expansion in the NFT Industry
MakersPlace is not the only NFT marketplace benefiting from the space’s popularity. This month, OpenSeas, the world’s first and largest NFT platform, saw a significant increase in trade volume. The last thirty days brought in $1.5 billion, which is more than half of their total volume.
Alibaba, the world’s largest online marketplace, established its own NFT marketplace last week as well. Despite Chinese crypto crackdowns, the country’s aficionados remain active in the field. The auctions will begin next month on the e-commerce behemoth.
Other big businesses in the traditional financial arena, in addition to marketplaces, are making waves in the NFT market. VISA made its first NFT purchase as a business this week. A CryptoPunks original was sold for $150,000 in this transaction. Although this is VISA’s first NFT investment, the business has stated that it will not be their last.