Courtyard, the physically-backed NFT Platform, announced that they have received $7 million in seed funding from the world-renowned venture capital firm New Enterprise Associates.
About Investment Round
Courtyard, the NFT platform, recently organized a seed funding round. The seed funding round, led by New Enterprise Associates, also included Y Combinator, OpenSea Ventures, VaynerFund, Brink’s, Cherry Ventures and a group of angel investors. Courtyard will use the funding from the seed round to develop products in its target market and fund the growth and expansion of the team.
What is a Courtyard?
Courtyard stores your physical collections (trade cards, sneakers, watches, etc.) in secure vaults and creates 3D representations of these assets. The created products are minted on the blockchain as Connected Collective NFTs.
Partnership with Brink’s
Courtyard will enable the secure instant transfer of ownership of tangible collections anywhere in the world through NFTs. The company has partnered with Brink’s (the world leader in the safe transportation and storage of valuable assets) to store these collections.
Nicolas le Jeune, Co-founder and CEO of Courtyard said: ”We are excited to build a future-forward foundation for commerce. Most of us on the Courtyard team are collectors in some form who’ve experienced the hassles of trading firsthand. We are eager to introduce brands and consumers to the future of buying and selling physical assets and empower them with the control, transparency, and security that have been missing from the collector ecosystem thus far.”
With this partnership, after the identity of the physical asset is identified and verified, it is insured and stored in a safe deposit box operated by Brink’s. Here, NFTs will serve as tickets as proof of ownership and authenticity. In this way, it ensures that the physical asset is transferred at each sale without the need for it to be physically moved or re-verified in the same way.
Oliver Buckle-Wright, Brink’s Senior Commercial Director said: “Investing in Courtyard represents an exciting digital extension of Brink’s secure storage and transportation capabilities, as we continue to explore new trends and technology. By securing the physical items represented by NFTs on the blockchain. We create a bridge between offline and digital marketplaces, reassuring collectors that their high-value items are secure.”
Jonathan Golden, Partner at NEA said: “Collectibles are a $400B+ global market ranging from trading cards, watches, and sneakers to fine art, exotic cars, and everything in between. Courtyard has built a solution that takes advantage of the massive rise in NFT popularity. It uses innovative blockchain technology to solve real-life, physical problems faced by millions of collectors around the world. We’re excited to partner with Nico, Paulin, and the Courtyard team to modernize the collectibles industry and create a better, more secure transaction and ownership experiences.”
Through Connected Collectibles, an original and seamless way of storing and trading material objects, Courtyard is revolutionizing physical asset ownership. They believe that blockchain technology can change the $370 billion collections market. This is a very important application of blockchain technology that solves a physical problem.
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