Animoca Brands Leads $8M Fundraising Round for NFT Platform Built on Solana

The funding will go toward expanding Burnt Finance’s headcount and tapping new partnerships with artists and other Solana-based projects.

AccessTimeIconJan 17, 2022 at 2:00 p.m. UTC
Updated Jan 18, 2022 at 4:36 p.m. UTC

Tanzeel Akhtar is a reporter based in London,UK.

Burnt Finance, a protocol built on Solana, has raised $8 million in a funding round led by Animoca Brands. The protocol also launched its non-fungible token (NFT) platform.

  • The capital will go toward adding staff and exploring partnerships with artists and other Solana-based projects.
  • Burnt Finance, known for burning a piece of artwork from street artist Banksy before selling a digitized version as an NFT, also said it has launched its NFT marketplace, which will feature auctions and allows users to mint and sell digital assets.
  • Other investors in the round included Alameda Research, Multicoin Capital, Valor Capital, Figment, Spartan Capital, HashKey, Terra, Fantom and others.
  • Alameda and Multicoin led the protocol’s $3M fundraising round in May.
  • “We are now looking to expand onto other chains such as Terra and Fantom while building out new functionalities that bridge the worlds of DeFi [decentralized finance] with NFTs,” the Burnt Finance team, which insists on anonymity, said in an emailed statement.
  • The team sees demand for NFTs continuing to surge. Data from ​​DappRadar shows the NFT market reached $22 billion in 2021.

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Tanzeel Akhtar is a reporter based in London,UK.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.

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