NFT Marketplace Startup MakersPlace Raises $30 mln in Series A

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MakersPlace, a San Francisco-based NFT Marketplace Startup, has raised $30 million in Series A funding to boost the future of creativity by facilitating the trade of Non-Fungible Tokens.

The Series A funding round was co-led by some of the most influential firms in the industry: Bessemer Venture Partners and Pantera Capital. Other participants include Coinbase Ventures, Sony Music Entertainment, Uncork Capital, Dragon Digital Assets, and 9Yards Capital, as well as angel investors like Eminem and former Sotheby’s CEO Bill Ruprecht. Ruprecht referred to the startup by stating:

“The dynamics of markets is that you’ve got to have two things in place: you’ve got to have creators, and you’ve got to have collectors. This company has done a remarkable job of creating a community of both. There’s a really robust community that they have nurtured since 2018, and that means they’ve got a good supply of works, and it means they’ve got vigorous demand”

The startup, which was founded back in 2016, has raised a total funding of $34 million that has allowed it to become a major player in the growing NFT market. It was the startup the one to approach British auction house Christie’s with the idea to create a digital version of Beeple’s “Everydays: The First 5000 Day” and auction it. The experiment became one of the most important milestones for the industry when it sold for over $69 million.

While MakersPlace has strong competence from major marketplaces like Open Sea and Rarible, its founder & CEO Dannie Chu believes the funding will allow competing by differentiating itself by offering premium NFTs in partnership with major players in the art industry. Chu referred to the role its marketplace will play in the future of the NFT market by saying:

“You can’t imagine a future where you’re going to have more and better digital art, and more people creating if you don’t create an economy for these people.”

The NFT Marketplace Startup plans to play a major role in the growing industry by facilitating the exchange of creativity as NFT collectibles continue to gather the attention of artists, collectors, companies, and personalities.

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