Announcing NFTPort's $26M Series A
Today, we announce a $26M fundraise with NFTPort.
You may be surprised. This wouldn't make much sense if NFTs were only about buying and selling images of apes. Art and profile pictures may fetch high prices when sold as NFTs, but it feels like those things lack some tangible "real world" value that e.g. a croissant or a car, or even Spotify have. (I actually think there is real value in collectibles, but that's beside the point.)
What you've seen happening with NFTs in the past year has only scratched the surface. It's not about "images, but on the blockchain". NFT is a broad technology standard, a building block enabling digital ownership. It can and will be used everywhere.
If you haven't noticed, this is a common theme: the first use case of a technology seems frivolous so most people don't take it seriously. Only over time, through many attempts and failures, does it become evident what the true value of the technology is. Consider a simple analogy: the first personal sites were lists of links and interests that today might seem cringeworthy. But today, it is absolutely a mainstream behavior to have a personal website. Not only on Facebook or Instagram (which you might call as frivolous as profile picture NFTs) but also making a living on Youtube, Patreon, Etsy, or Upwork.
The killer app of NFTs is not yet obvious. But at NFTPort we believe there will be many, so we're charging ahead to establish the infrastructure on which these apps can be built, with money in the bank and a crazy talented team.