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OpenSea, a marketplace for non-fungible tokens (NFTs) just closed a $23 million funding round led by Andreessen Horowitz. Dapper Labs, creator of NBA Top Shot, landed $305 million in private funding last month. SuperRare, an NFT art marketplace, recently raised a $9 million Series A.
The NFT frenzy has opened the floodgates for startup fundraising. It was only a matter of time before celebrities-turned-VCs like Ashton Kutcher and Snoop Dogg got in on the action.
Kutcher and Guy Oseary’s venture fund, Sound Ventures, is hosting an NFT startup pitching contest where hopeful NFT startup founders can pitch celebs like Kutcher, Mark Cuban, Snoop Dogg, and NFT stars like 3LAU and Metakovan. The application deadline is April 12, and the winners are selected on April 21. The winning startups could receive their share of a $1 million pot in investment, Sound Ventures says.
NFTs are digital assets that use blockchain technology, the same tech used to store Bitcoin, meaning these are files that cannot be destroyed, duplicated, or edited. Once you purchase an NFT, your ownership is recorded on what’s known as an “immutable” ledger for the world to see.
Most of the NFT headlines recently have been about digital art. Metakovan, a judge in Kutcher’s pitching contest told CNBC he dropped $69 million on Beeple’s NFT artwork. Meanwhile judge 3LAU sold his NFT albums for $11.6 million.
NFTs give many artists a way to better monetize their work. When artists sell their work as NFTs, they can even receive a percentage of secondary transactions should the new owner sell at a profit.
Oseary says Sound Ventures was inspired to create the pitch competition after seeing how NFTs have empowered artists.
“The idea that millions and millions of artists out there can have a way to monetize their entire IP was a no brainer for me and my partners,” Oseary told Insider. “But to get there, we need to foster a true ecosystem around NFTs and, to do that, we need greater diversity of ideas and people in the space.”
There’s a huge variety of NFT ideas waiting to be invested in. When we asked Gen Z VCs to predict the future of NFTs, the answers ranged from virtual fashion to NFT passports. Basically, the uses for NFT technology are vast, and the final investments will probably be in industries across the board.
The competition is open to any companies “innovating with NFTs whether it’s just an idea or a product in market.” All they ask is that you be in it for the “long-term,” Oseary says.
Founders can apply here.
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Source:: Businessinsider – Tech
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