Venture Capital Seeds NFT Trading Tooling Firm Mintify – Blockworks
By Ornella Hernandez / October 20, 2022, 8: 00 am EDT
- The NFT market possesses a total market cap of more than $11.3 billion, says Nansen
- “Many of the decentralized economies being built will run on NFT technology,” says Mintify founder
Capitalizing off growing interest in refining NFT trading opportunities for professional money-makers, digital collectibles analytics startup Mintify has raised a seed round.
Digital assets-focused investment manager Arca led the $1.6 million round. The corresponding valuation was not disclosed.
Current NFT trading marketplaces from OpenSea to SudoSwap tend to be limited in terms of functionality, real-time data and scope that professionals crypto investors can use to craft and deploy NFT trading strategies. Mintify’s bet: a Bloomberg-like trading terminal built from the ground up for NFTs, ProDash.
Arca’s Endeavor Fund, Alchemy Ventures, Psalion, as well as GSR and Fasanara also participated in the fundraise.
Mintify’s founder and CEO, Evan Varsamis, believes their trading terminal can provide software and data access at a caliber comparable to Bloomberg’s and its role in the stock market.
“Our goal is to bring tools to market that are familiar to users of existing trading platforms while exposing them to new and powerful NFT based economies and markets,” Varsamis said.
A major issue with current NFT marketplaces, according to Varsamis, is that they are built using technology that is not interoperable with other chains and thus locked into specific blockchain ecosystems and unable to support multiple