NFT digital art marketplace MakersPlace announced a Series A investment of $30 million, led by Bessemer Venture Partners and Pantera Capital. Other participants include Sony Music Entertainment, Eminem, and many others.
One of the challenges facing digital artists is it’s hard to protect and authenticate art that is displayed virtually. Artists promoting their work cannot prevent people from taking a screenshot and trying to sell it as their own.
MakersPlace was launched in 2018 as a platform to support digital artists. Besides providing the stage for commercializing the creations, MakersPlace mints them as non-fungible tokens (NFTs). NFTs don’t prevent people from printing digital art and appreciating it for free. However, the technology enables digital artists to protect their intellectual property and can help prevent fraudulent behavior of selling someone else’s work without authorization. However, that can still happen if the buyer isn’t careful.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
