Singapore-based non-fungible token (NFT) marketplace Mintable has raised $13 million in a Series A funding round that will be used to develop new products and make the process of buying NFTs easier, according to media reports.
The funding round was attended by well-known investors like Metapurse, Ripple Labs, Animoca Brands, Metakovan, Doug Band, and Jon Oringer. The company plans on using these funds to expand its offerings, as the application already features 700,000 NFTs minted on their exclusive platform.
The startup was launched in 2018 but it only showed significant growth last year. The company’s growth has also contributed to this year’s NFT boom, one of the other reasons for the company’s expansion is the launch of glassless minting in January this year, which has enabled people to get involved in crypto with little or no background.
Mintable is built on Ethereum blockchain technology and also provides support for Zilliqa. Till now, the platform has minted around 700,00 items for sale, with most selling for between $10,000 and $50,000. Reports suggest that some exclusive NFTs have gone in the $500,000 range and as of now, Mintable’s biggest sale is $2 million.
The primary goal of the company is to make NFTs more desirable as an investment opportunity for the general public. By simplifying the process of buying NFTs, the company hopes to make it a part of our everyday lives.
CEO and Founder of Mintable, Zach Burks told the media, “As technology continues to mature and space rapidly evolves, this is a critical company milestone for Mintable and we are thankful for the support from our investors who hold the same shared belief of the many opportunities that NFTs can bring among mainstream users.”
Not only the company is looking to expand its reach into the mainstream market, Mintable will also expand its current team of 14 employees to more than 30 by the end of 2021.