Burnt Finance Raises $3M For A Solana-based NFT Marketplace; Famous for Burning Banksy Art Piece
Burnt Finance raises $3 million seed round funding. The platform aims to decentralize and tokenize NFTs.
The anonymous NFT artist known for selling a Banksy street art as a non-fungible token (NFT), Burnt Banksy, has raised $3 million seed funding from private investors to launch a decentralized NFT minting and auction protocol. The protocol is built on Solana blockchain (SOL) providing a solution on how NFTs and blockchain synthetic tokens are minted and auctioned.
Some of the key investors in this round include Alameda Research, led by Sam-Bank Freidman who is also part of the Solana founding team, DeFinance, Multicoin, and Injective Protocol. The seed funding round also saw Individual investors such as Sandeep Nailwal (COO of Polygon, formerly Matic) and Do Kwon, CEO and co-founder of Terra, which is building programmable money for the internet. SOL -6.52% Solana / USD SOLUSD $ 144.05
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The platform aims to solve the persistent problems of “bid manipulation” and “high minting fees” experienced on the Ethereum-based NFT marketplace, OpenSea, the report further states. Speaking in a statement, the Burnt Finance team stated,
“Some actors tried to leverage the congestion and manipulate the transaction fees to sway the results and the length of the auction.”
Moreover, the new funding will be used for the technical development of the platform and boost collaborations with top NFT artists. In a statement to The Block, Burnt Finance stated launching Burnt Finance, “the first fully decentralized auction protocol on Solana” will “address the needs of the market” with the budding potential locked in crypto-based auctions,
The statement from Burnt Banksy further states the protocol will leverage Solana’s high speed, low fees, and ultimate performance platform, Solana Wormhole. The wormhole aims to offer a bidirectional bridge connecting NFTs and synthetic tokens on Ethereum to Solana. Currently, in the beta phase, the platform received a grant from Solana Foundation earlier in the year to promote the development of Burnt Finance.
According to reports, the mainnet launch is expected in Q3 2021 with the “BURNT” token governing the platform.