Blur, a non-fungible token (NFT) marketplace, revealed on March 28 that it has raised $11 million in a seed round led by Paradigm. According to the NFT marketplace Blur, the business is focused on establishing an institutional-grade NFT market designed “for pro traders.”
Blur Raises $11 Million to Develop Institutional-Grade Products
Blur, an NFT marketplace, announced a seed fundraising round of $11 million headed by Paradigm. According to Blur, Egirl Capital, Keyboard Monkey, Ledgerstatus, 0xmaki, Santiago Santos, Zeneca, Deeze, and Andy also took part in the round (Fractional).
According to Blur, the marketplace would be designed for professional traders, whereas the business feels that most solutions now are geared toward retail traders. “Current NFT platforms priorities the retail experience while ignoring the expanding needs of pro traders,” Blur said in a statement on Monday. “Infrastructure has failing to keep pace as monthly trading volumes reach billions, and Web2 business models stymie the space with misaligned incentives.” According to the startup’s blog post:
Our mission is to solve these problems and move the NFT space toward becoming institutional-grade while increasing decentralization.
Blur is now developing the market in stealth mode, according to the business, and the team will reveal information on how to gain early access in the future. The project has approximately 2,400 followers on Twitter, and statements from a select investors, such as Deeze, are emphasized on the initiative’s Twitter page. “Excited to be a part of this round,” said Deeze, an investor, on Monday. Sicarious from Sicarious Capital indicated that trader was excited to assist Blur.
“As a trader with a weakness for NFTs, I’m really excited to assist the [Blur team] in bringing their vision to completion,” Sicarious told the trader’s 100,000 Twitter followers. “I can’t wait to try out their beta; I’ll see if I can sneak a few sneak glances.”
Blur’s announcement on Monday emphasizes that the mission to strengthen the NFT space will be “not an easy achievement.” Blur, on the other hand, concludes that the project has “organized a team of builders with experience from MIT, Five Rings, Brex, Square, and Y Combinator to execute this aim.”
This year, a number of NFT projects and marketplaces have raised financing. For example, during the first week of March, Immutable secured $200 million in a Series C headed by Temasek. Cryptoslam, an NFT analytics business, raised $9 million in January from Animoca Brands, Mark Cuban, and Sound Ventures. The makers of the Bored Ape Yacht Club (BAYC) NFT collection raised $450 million in a seed round just last week, on March 22. Yuga Labs is currently valued at around $4 billion as a result of the capital transaction.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.