Four months after its launch, the Fractal NFT platform has already found itself backed by renowned venture capital firms. Twitch co-founder Justin Kahn’s NFT platform has raised $35 million (about Rs 264 crore) in a fresh round of funding. Paradigm and Multicoin Capital led the round, with Coinbase Ventures, Solana Labs and Andreessen Horowitz emerging as fellow investors. Launched in December last year, the Fractal NFT marketplace sells gaming-focused Solana-based NFTs for peer-to-peer trading.
Announcing the development, Fractal said it will use the seed funding for its intention to become a marketplace for gamers to find, sell and buy gaming NFTs, or non-fungible tokens.
“When we launched Twitch, we decided that Fractal would focus on being the best friend of blockchain gaming studios. We saw a lot of interest in the mints we launched. Every mint we launched has sold out. Our mint with Tiny Colony sold over $2 million (approximately Rs 15 crore) of NFTs,” Kahn said in a blog post.
The Twitch co-founder predicts that mining digital assets when they do business and taking royalties on those assets will become an attractive business model in the future.
“We believe that blockchain represents a new, participatory business model for gaming, one that is better for both gamers and game developers. We will see the biggest games become open economies that support other developers that Let’s build businesses on top,” Kahn said.
Fractal Vouchers to provide gaming enthusiasts with real ownership of authentic NFTs so that they remain or continue to grow in value as time passes.
“We think games are the next 100 million users joining crypto. With this new capital, we will focus on building our engineering team and creating the best products for gaming companies that want to build around blockchain and build their own niche.” want to turn the game into really open economies,” Kahn said.