NFT-Creating Platform Mintbase Announces Funding From Coinbase, Others

Mintbase, NFT, investment

Non-fungible token (NFT) creation platform Mintbase, which claims to allow anyone, “including those with less technical backgrounds, to create their own digital assets verified on multiple blockchains,” announced a $7.5 million capital infusion Tuesday (April 19).

Investors who participated in the funding effort include Coinbase Ventures, Libertus Capital, Sino Global Capital, Animoca Brands, Woodstuck Fund and Fundamental Labs, among others.

In a company post, Mintbase said its platform allows users to offer, buy and sell items. “Unlike Amazon, you can also sell your items on other digital exchanges,” it continued. “Mintbase allows you to create scarce, interoperable and unique digital items via non-fungible tokens (NFTs).”

As for the new investment, Mintbase said it will use the funds to offer grants to NFT projects and scale its operations.

In conjunction with the $7.5 million investment, Mintbase announced its related nonprofit, the NEAR Foundation, will award $5 million in grants to recipients who will use the funds to develop Mintbase projects. The contest details are laid out in a Github repository.

“Mintbase Grants will be looking for seasoned teams that want to build the next evolution of web 3.0 ticketing, music, and gaming platforms using the Mintbase developer infrastructure,” the company said.

Mintbase also manages more than 1,000 of what it calls Mintbase “stores,” company literature states. “A Mintbase Store is an independently smart contract, where owners can add other minters (DAO, company, person, nonprofit) to it and add up to 50 royalties and single payment splits.”

The latest capital infusion follows a 2020 seed round of $1 million from Sino Global, D1 Ventures, Block Oracle Capital and Airweave, according to Mintbase.

In other NFT news, NFT gaming platform The Sandbox is reportedly looking to raise roughly $400 million in a funding round, which would bring it to a valuation in excess of $4 billion.

See also: NFT Gaming Platform The Sandbox Plans Funding Round at $4B

Sources told Bloomberg the funding round is still in the works, and the size of the round and the company’s valuation could change. According to its website, The Sandbox allows users to trade and monetize virtual assets on the Ethereum blockchain using $SAND, the platform’s main utility token.