MakersPlace has attracted significant investor interest after facilitating the sale of Beeple’s NFT artwork for a record $69 million
NFT marketplace MakersPlace announced yesterday that it has closed its Series A financing round, led by Pantera Capital and Bessemer Venture Partners, raising a total of $30 million. Other participants in the round included Coinbase Ventures, 9Yards Capital, Uncork Capital, Sony Music Entertainment, and Draper Dragon Digital Assets.
Founded in 2018, MakersPlace was created as a marketplace for digital creators where their work would not be undervalued, misappropriated, or stolen. Blockchain and non-fungible token (NFT) technologies have provided an effective solution to these problems.
Creators can sign and publish their work on the blockchain, enabling digital verification of authenticity. Collectors can display their purchases and resell them on marketplaces for digital assets.
MakersPlace facilitated the sale of Beeple’s renowned artwork for $69 million—an auction that set new price records for NFT sales—through its collaboration with Beeple and auction house Christie’s.
The platform supports thousands of digital artists worldwide and has experienced substantial growth this year: it has attracted ten times as many collectors and processed transactions exceeding $100 million in value.
The Series A round also attracted strategic investors from a variety of industries. Notable participants include tech founders Tobias Lütke and Vinny Lingham, NFL player Larry Fitzgerald, musicians Eminem and 3LAU, and prominent figures in the art world such as Bill Ruprecht and Acquavella Galleries.
Given the dramatic rise in NFT popularity in recent months, it is unsurprising that MakersPlace has drawn strong investor interest. According to Reuters, NFT sales generated $2.5 billion in the first half of 2021—a staggering 18,150% increase in NFT sales volume compared to the first half of 2020.
That surge has also driven investment into several other NFT platforms. SuperRare raised $9 million in a Series A round in March, Nifty’s raised $10 million in July, and OpenSea recently raised an additional $100 million in a Series B round, valuing the company at $1.5 billion.
MakersPlace plans to use the newly raised funds to provide improved tools and services for digital creators, advancing its mission to make NFTs and digital art more accessible and mainstream.