NFT distribution platform Pinata raised $18 million in a Series A funding round co-led by Silicon Valley venture capital firm Greylock Partners and crypto-native investor Pantera. The news was verified by a Pinata spokeswoman. In addition, the company also disclosed a $3.5 million seed round that was completed last year. This seed round was led by Greylock and Offline Ventures.
NFTs are distinctive crypto assets that prove ownership of real-world or digital items such as images, videos, or in-game assets. Pinata provides infrastructure that allows creators to allocate NFTs across marketplaces, metaverses, apps, and blockchains. The platform assists any type of uploadable content from videos to apps, and the integrated content delivery network provides swift and reliable transactions.
Pinata has more than 240,000 users worldwide, up from 104,000 users in January. The company’s Notable partnerships comprise NFT marketplace OpenSea, fantasy sports company DraftKings, Bored Ape Yacht Club developer Yuga Labs, NFT storage provider Protocol Labs, and Autograph.
Greylock partners Mike Duboe in a press release mentioned that today’s NFT activity is focused around static .jpeg files, and they believe this is just the tip of the iceberg for this technology and that the most fascinating applications around NFTs involve richer media. Mike also remarks that Pinata is the most full-featured offering to support creators and marketplaces program more progressive functionality into this media.
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