News Technology Media Telecoms

Mark Cuban backed NFT marketplace Mintable raises $13m

non fungible token nft

Non-fungible token (NFT) minting platform and marketplace Mintable  completed a Series A round of funding of $13 million. Investors include Ripple, blockchain game developer Animoca Brands, NFT investment fund Metapurse, and Bill Clinton’s former advisor Doug Band. Mintable is also backed by billionaire Mark Cuban. 

The startup was launched in 2018 but only saw significant growth in the past year. Apart from this year’s NFT boom, one of the reasons for its expansion is the launch of gasless minting in January, which has enabled people with no background in crypto to get involved.

On most platforms, the upfront cost of minting an NFT is between $50 to $150 due to gas fees, the charge for using the Ethereum network. This cost deters people who can’t afford that investment and those who don’t know enough about NFTs to be comfortable with crypto. 

Typically, an NFT is recorded on the blockchain, and a gas fee is charged when minted. Mintable’s solution doesn’t create a blockchain transaction at the point of minting. Although it exists, the creator can’t see it in their wallet without a transaction. It only becomes visible when the buyer purchases it, and they pay the same gas fees for buying it as they normally would.

This feature enables lower-income digital artists and content creators to enter the NFT market. Additionally, it makes the process of minting NFTs less intimidating to people with no experience on the topic.

“Throughout 2021, NFTs have reached mass appeal, having touched almost every sector spanning entertainment, fine arts, sports, and many more,” said Mintable’s founder and CEO Zach Burks. “As the technology continues to mature and the space rapidly evolves, this is a critical company milestone for Mintable and 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.”

In the four weeks leading up to the end of March, Mintable had around 650,000  users and 100,000 NFTs were made on the platform. In the past year, approximately 700,000 items were minted.

The company will use the investment to scale the platform and launch new products that enhance the accessibility and affordability of NFT commercialization. 

Meanwhile, NFT marketplaces OpenSea raised $23 millionRarible raised $14.2 million, and SuperRare raised $9 million with the participation of Mark Cuban.

Image Copyright: archy13 / BigStock Photo