Non-fungible token (NFT) distribution platform Pinata raised $18 million in a Series A funding round co-led by Silicon Valley venture capital firm Greylock Partners and crypto-native investor Pantera, a Pinata spokeswoman confirmed to CoinDesk. The company also revealed a $3.5 million seed round that closed last year and was led by Greylock and Offline Ventures.
NFTs are unique crypto assets that prove ownership of real world or digital items such as images, videos or in-game assets.
Read more: What Are NFTs and How Do They Work?
Pinata provides infrastructure that allows creators to distribute NFTs across marketplaces, metaverses, apps and blockchains. The platform supports any type of uploadable content from videos to apps, and the integrated content delivery network provides quick and reliable transactions.
Pinata has more than 240,000 users worldwide, up from 104,000 users in January, according to the company. Notable partnerships include NFT marketplace OpenSea, fantasy sports company DraftKings, NFT storage provider Protocol Labs, Bored Ape Yacht Club developer Yuga Labs and Autograph, the NFT platform co-founded by National Football League star Tom Brady.
"While today's NFT activity is focused around static .jpeg files, we believe this is just the tip of the iceberg for this technology and that the most interesting applications around NFTs involve richer media," said Greylock partner Mike Duboe in a press release. "Pinata is the most full-featured offering to help creators and marketplaces program more advanced functionality into this media.”
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.