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.

Jan 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.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.

Trending

1
CoinDesk - Unknown
First Mover Asia: Terra's Difficult Post-Collapse Path: VCs Backing Away, Regulators Jumping on Stablecoins

Some investors see salvageable pieces in the rubble while others are bemoaning their involvement and want to forget the protocol ever existed; bitcoin edges up in weekend trading.

Some investors see salvageable pieces in the rubble while others are bemoaning their involvement and want to forget the protocol ever existed; bitcoin edges up in weekend trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
China Can’t Seem to Stop Bitcoin Mining

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

CoinDesk - Unknown
3
CoinDesk - Unknown
Could Local Digital Currencies Improve Communities?

That's the argument of the president of the RadicalxChange Foundation.

That's the argument of the president of the RadicalxChange Foundation.

CoinDesk - Unknown
4
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown