NFT Marketplace Backed by Mark Cuban, Mintable, Raises $13M; Plans to Integrate Ripple’s XRPL
- NFT marketplace, Mintable, completes a successful $13 million Series A funding round.
- The funding will be used to hire new team members and boost overall NFT adoption.
- Top investors including Animoca Brands, Ripple, and Metapurse participated in the round.
Singapore-based non-fungible token (NFT) minting platform and marketplace, Mintable announced the successful completion of its $13 million series A funding round this Thursday. The oversubscribed funding round welcomed several investors, including leading mobile blockchain developer, Animoca Brands, transactional blockchain Ripple, leading NFT fund led by Metakovan, Metapurse, and independent angel investors such as Doug Band, American businessman and former advisor to Bill Clinton; and Jon Oringer, founder and executive chairman of Shutterstock.
According to the statement, the additional funding will help the platform scale its operations, increase its team from 14 to 35 this year and boost its user acquisition globally. Since the start of the year, the NFT market has grown exponentially, branching out from the crypto niche to other industries such as sports, entertainment, art, and many others.
SBI Group recently said that Ripple's XRPL could be an environmentally friendly and efficient blockchain for NFT's. Mintable agrees as they have partnered with Ripple to launch NFT's on the XRP Ledger. Ripple stated,
“In fact, the XRPL consumes only about 790,000 KWh per year and is already carbon neutral, which is far more efficient than proof-of-work networks that consume around 66 TWh of energy per year. In a nutshell, its environmentally friendly attributes will allow billions of NFTs to be minted, bought and transferred on the XRPL in a sustainable way.“
Other participants in the round funding included John Kim, president of platform and marketplaces at Expedia Group, Double Peak, 7 O’Clock Capital, 640 Oxford Ventures, Digital Finance Group, Spark Digital Capital, Reimagined Ventures, and 840 Venture Partners.
Mintable’s goals revolve around ensuring easy purchase, minting, and selling of these collectibles on its platform for everyone – including those less familiar with them.
The latest funding will help Mintable achieve these goals, according to Zach Burks, CEO, and Founder of Mintable, who shared his views in the statement,
“As the technology continues to mature and space rapidly evolves, this is a critical company milestone for Mintable,” he said. “We are thankful for the support from our investors who hold the same shared belief of the many opportunities that NFTs can bring among mainstream users.”
As alluded to, the funding will also enable Mintable to scale its business operations to reach a wider user base across the world. Built on Ethereum, Mintable was always to face fee hike problems. However, a recent move to Zilliqa has seen the platform offer a “gas-free” minting process allowing users to create NFTs for basically no cost.
Mintable has received $2.3 million over the course of 2021 from high-ranking profiles such as businessman and Dallas Mavericks owner Mark Cuban, Guy Oseary, and Ashton Kutcher’s Sound Ventures.