In a round led by Dragonfly Capital, a cryptocurrency venture capital firm that last year secured $650 million for its third fund, FirstMate, a startup that wants to offer digital stores for NFT artists, raised $3.75 million. The funding, which was made public today, also featured Coinbase Ventures and NextView as participants.
Startup FirstMate Completes $3.75 Million Investment Round Led by Dragonfly
FirstMate also announced the beta launch of its marketplace website builder, for which it has teamed with Manifold, a different NFT business.
Creators, artists, and platforms today are beholden to one-size-fits-all marketplaces that fail to create, sustain, or grow the direct connection that creators and collectors tell us they want, and simply don’t have their interests at heart.
Jacob Frantz, The startup’s CEO
In contrast, FirstMate focuses a greater emphasis on artists than marketplaces, according to the release. This is shown by giving artists complete control over royalties and allowing them to compile all of their works onto a single platform, regardless of where they were produced.
About FirstMate
FirstMate, which was established in 2022 by a group of Instagram and Walmart alums, has so far launched marketplaces on behalf of Bankless, Gmoney’s 9dcc, FELT Zine, Sound.xyz, and other publishers. Currently, it supports over a thousand collections on its markets, ranging from high-end clothes to generative art.
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