Solana-based NFT raises $ 3 million in seed capital

TL; DR breakdown

  • Burnt Finance raises $ 3 million in seed capital.
  • What Burnt Finance wants to achieve with the funds raised.
  • Solana success last week.

Burnt Finance, a Solana-based coin and auction protocol for NFT projects, has raised $ 3 million in a seed funding round. 1Burnt Finance raised the funds through a private token sales round that Burnt Banksy, the pseudonymous founder of the project, revealed to The Block.

Alameda Research led the way. Multicoin Capital, Mechanism Capital, DeFiance Capital, Schiffskapital, HashKey, Spartan, Sandeep Nailwal, COO of Polygon, Do Kwo of Terra and others also participated in the financing round.

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

Solana-based Burnt Finance (NFT) firm announced that the $ 3 million raised in the funding round would accelerate protocol development and launch new NFT collaborations, ”said an artist, Burnt Banksy.

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

The Solana-based NFT company also intends to support synthetic assets through its Solana-powered coin and auction protocol. The protocol is currently in beta and is expected to be released in the third quarter of 2021.

Solana’s great success last week

Last week, the entire Solana ecosystem was very successful as the project continued to see an increase in the number of DeFi and dApp projects created on the platform.

The price of its native token (SOL) rose 13.8 percent over the course of the week. Solana also announced a global hackathon that will focus on DeFi (decentralized finance), NFTs (non-fungible tokens) and Web3 solutions.

The event, which, according to Solana, started after the success of her DeFi hackathon, will present top personalities in the blockchain sector as jurors. 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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