Mojito, a suite for creating non-fungible token (NFT) marketplaces, has received $20 million in funding from Sotheby’s and Future Perfect Ventures, giving the firm a valuation of $100 million.
The funding round was led by Future Perfect Ventures. Other participating investors included Connect Ventures, an investment firm formed by Creative Artists Agency and venture capital firm New Enterprise Associates, Moore Strategic Ventures plus CMT Digital and Sfermion.
Mojito is now out of stealth mode, with Sotheby’s most recently announcing its new platform, called Sotheby’s Metaverse, is powered by Mojito. The system allows visitors to view digital artworks available at auction, as well as learn about the collectors and artists behind NFTs.
Mojito co-founder Amanda Cassatt, the former chief marketing officer at ConsenSys, told CoinDesk the company is spinning out of Serotonin, the marketing firm she manages.
“NFT commerce suite and what that means is that we’ve built, or are building, all of the tools and products that a brand or a right holder needs end to end in order to sell NFTs. So Mojito is the underlying technology to power Sotheby’s Metaverse,” Cassatt said.
The $20 million investment will go toward expanding the Mojito team on the engineering and product side and building the tools and services that allow brands and rights holders to access the technology.
NFTs are digital assets that represent a wide range of items, from collectible sports cards to virtual real estate and even digital sneakers. The metaverse is a digital environment generated by the convergence of virtual worlds, augmented reality and internet services.
CORRECTION (OCT. 21, 15:24 UTC): Corrects position held by Amanda Cassatt in fourth paragraph.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.