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

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.

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.