NFT Curation Site JPG Goes Live With $3.8M in Seed Funding
The media curation protocol aims to change who can build an art gallery.
As the technology behind non-fungible tokens (NFTs) keeps racking up wins, JPG, short for Juried Protocol Galleries and a nod to the popular image file type, is building infrastructure with an eye on NFT culture.
The protocol, which lets users curate their own NFT galleries and museums, raised $3.8 million in a funding round led by Electric Capital and IDEO CoLab Ventures.
JPG’s mission is to provide “increased discovery and context for NFTs,” providing curatorial experiences on par with the world of fine art.
“The scope we’re aiming for is bigger than just artworks,” JPG co-founder Sam Spike told CoinDesk in an interview. “While building relationships with existing galleries is important, our thesis about the cultural importance of NFTs extends into gaming assets, tokenized literature or collectibles, Apes, Cats, whatever it may be.”
The platform has already been responsible for a slew of successful showings in recent months, including generative art showcase “The Digital,” which debuted at Miami’s Art Basel festival in December.
Much skepticism remains about the longevity of the digital art trend, but its impact over the last year has been undeniable. In 2021, nearly $41 billion of Ethereum-based NFTs were sold, while the total value of the traditional art market was estimated to be just $50 billion, according to data from the Financial Times.
Galleries and other mediums for displaying NFTs are intuitive next steps for preserving the industry’s long-term health, along with a way for people to show off their digital finery.
JPG is also co-founded by María Paula Fernández, a crypto veteran who previously worked for decentralized computation app Golem among other projects, and Trent Elmore, who previously worked for YAM Finance.
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.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.