Joepegs NFT Market Obtains $5 Million in Funding

Joepegs, an NFT marketplace, announced that it has raised $5 million in an investment round. The investment round was led by Avalanche and FTX. Although FTX has crashed in the past few weeks, the ventures team’s contributions are still being revealed. 

“The funding from FTX Ventures was completed in June, and has since been transferred out of FTX prior to recent bankruptcy events,” the Joepegs team said in a statement. 

NFT Marketplace

Joepegs is an NFT marketplace on the blockchain founded by Cryptofish and partners using the pseudonym 0xMurloc. Launched in May 2022, the marketplace has become the largest NFT market in the Avanlanche chain with over $3.4 million in secondary NFT sales and 12,000 users. In addition to Joe Studios, an in-house production unit, Avalanche also has an NFT launchpad that incorporates more than 50 projects into its ecosystem. 

In addition, the co-founders of Joepegs established the activities of Trader Joe’s, a decentralized exchange on Avalanche, with a total trading volume of over $ 88 billion, and they still continue to take part in their operations. 

Co-founder of Joepegs 0xMurloc said: ‘As we started building this, we realized very quickly that in order to deliver a platform that really helps users discover great NFTs we have to invest in a lot more platform capabilities so that’s what the fundraise will go toward. On top of that, we also create a lot of content on our end. We did this at the start to fill a need. Marketplaces are only as good as the content in the ecosystem.’ 

Co-founder of Joepegs Cryptofish said: ‘We’re very bullish on the future of NFTs and what it could bring the idea that you can have clothing backed by NFTs is very bullish. You see that with Azuki with their skateboards and Nike sneakers and we want to be on the forefront of NFT innovation with digital stuff and clothing.’

Co-founder of Joapegs 0xMurloc said: ‘People are focused on what is happening to the greater market. Yes, there are less people playing with crypto and the NFT market as a whole right now, but, we do see that the interest from creators, brands and projects to dive deeper into web3 and NFTs — that appetite is not softening.’



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