‘First B2B NFT’ Company Mnemonic raises $4M

Mnemonic, a company that bills itself as “the first NFT intelligence” platform and “first B2B NFT company,” made a public debut of sorts this week, announcing both the launch of its APIs and cross-chain aggregation platform, and that it had raised $4 million in seed funding on Thursday (Dec. 9).

“Mnemonic provides the data infrastructure layer for the next era of NFT companies,” the company said in a news release.

“Similar to how Plaid’s technology platform powers FinTech and digital finance products, Mnemonic’s API data platform is a foundational component that can power any NFT-based application. Mnemonic enables developers to instantly access and quickly build new applications on top of its cross-chain aggregation platform and APIs,” the company wrote.

Mnemonic says its API offers insights into market dynamics and the behavior of token owners, as well as a search of all NFT data, cohorts and contracts. Developers can use the APIs to build applications with NFT data they wouldn’t have otherwise, while the company’s dashboard lets collectors and fans track their favorite collections.

Read more: NFTs Show Strong Growth in Retail Segment for 2021

As PYMNTS reported earlier this week, 2021 has seen NFTs skyrocket in popularity, with artists and major brands using the digital assets to promote exclusive content. For example, AMC Theaters has offered 86,000 limited-edition NFTs tied to the next Spider-Man movie.

While most buyers are spending under $10,000 on NFTs — the “retail” market — so called “collector-sized” purchases of $10,000 to $100,000 are gaining in popularity. In March, this segment of the market represented just 6% of NFTs, compared to 20% this month.

Mnemonic, launched by veterans of Uber, Google and Reddit, says it is launching its platform with live collections from high profile NFT partners Lazy Lions, Gutter Cat Gang, and World of Women in an effort to showcase its power.

“Most of the world knows about NFTs because of their association with cryptocurrency, but their impact on the world and how we do business will extend far beyond that,” said Andrii Yasinetsky, the company’s CEO and co-founder.

“We built Mnemonic because we recognize the impact NFTs will have on the future of digital ownership, and we are excited to play a foundational role in the industry’s scalability and data transformation in the years to come,” he said.