Solana-based NFT raises $3 million in seed funding

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TL;DR Breakdown

  • Burnt Finance raises $3 million in seed finance.
  • What Burnt Finance aims to do with raised funds.
  • Solana success last week.

Solana-based NFT Project minting and auction protocol, Burnt Finance has raised $3 million in a seed funding round. 1Burnt Finance raised the money via a private token sale round, Burnt Banksy, the pseudonymous founder of the project, revealed to The Block.

Alameda Research led the round. Multicoin Capital, Mechanism Capital, DeFiance Capital, Vessel Capital, HashKey, Spartan, Polygon COO Sandeep Nailwal, Terra CEO Do Kwo, and others also were participants at the funding round.

What Solana-based NFT, Burnt Finance aims to do with funding

The Solana-based NFT firm (Burnt Finance) revealed that the $3 million raised in the funding round would accelerate the protocol development and launch new NFT collaborations “with several prominent artists, Burnt Banksy an artist said.

The artist is popularly known for burning and creating an NFT of an original Banksy piece. He sold a piece, “Morons,” earlier this year for around $400,000on the OpenSea platform. His other painting, “Love Is In The Air,” is going on an auction next week at Sotheby’s, and the auction house will accept bitcoin and ether for a physical artwork for the first time.

The Solana-based NFT firm also intends to support synthetic assets through its Solana-powered minting and auction protocol. The protocol is currently in the beta phase and is anticipated to launch in Q3 2021.

Solana’s massive success last week

Last week, the entire Solana ecosystem enjoyed massive success as the project continued to record a rise in the number of DeFi and dApp projects built on the platform.

It also experienced an increase in the price of its native token (SOL), which rallied by 13.8 percent over the week. Solana also announced a global hackathon that would focus on DeFi (decentralized Finance), NFTs (non-fungible tokens), and Web3 solutions.

The event, which Solana says was launched after the success of their DeFi Hackathon, will feature top personalities in the blockchain space as judges. These personalities include Sam Bankman-Fried (CEO of FTX), Jeremy Allaire (founder of Circle), Bobby Ong (COO of CoinGecko), Unica Yin (investment director at Huobi DeFi Labs), and many others.

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Muhaimin Olowoporoku

Written by Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.