Emerging NFT Marketplace Blur Raises $11M in a Series A Funding Round


Blur, a marketplace geared toward non-fungible tokens (NFTs) announced yesterday that it has raised a seed capital of $11 million. The funding round was organized to boost the convenience territory for adept traders, enjoyed participation from angel investors and venture capital firms.

This funding series was spearheaded by Paradigm Capital, a venture capitalist firm known for supporting projects tilted towards crypto and Web3.0. Other investors are LedgerStatus, Santiago Santos, Keyboard Monkey, and many others that possess the experience and expertise needed to advance the NFT marketplace.

During the announcement of the completion of the round, Blur mentioned that presently much attention is paid to the retail investors involved in non-fungible tokens trade while neglecting the growth and development of the expert traders and their accumulating needs.

For the industry generally, trading volumes are also invariably skyrocketing in billions, meanwhile, infrastructure and traders’ incentives are declining drastically. The NFT startup affirms that the fund raised will bolster the repair process for these problems and take the NFT crypto space to a more structured stage while intensifying decentralization.

The project is currently being conducted on a confidential scale but the team in charge has promised to make information needed for easy and early access available even as time progresses. 

The Blur team members have previously been involved in the design of financial products and trade platforms prior to this time. For this project, they are putting together their experiences garnered from top technology institutes like MIT, Square, and Y Combinator amongst others to develop a major NFT product.

Investors Growing Interest in NFT Startups

In recent times, major non-fungible token inclined companies and crypto startups have been raising funds for the expansion and growth of their services. The sydney-based startup, Immutable X with assistance from fresh investor partners like Animoca Brand and Tencent, generated $200 million in a Series C round earlier this month. 

Immutable X also received funds from some of its previous investors like Alameda Research. The Series C funding round raised the valuation of the NFT inclined startup to $2.5 billion keeping it afloat with other industry unicorns. 

Nested, another ‘NFT’ startup, generated $7.5 million in a funding round led by Alan Howard. From these capital raises, it has been shown that NFT startups seem to be receiving enough funding to boost their product offering.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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