Pixel Vault Building NFT Development Platform

Non-fungible token (NFT) platform Pixel Vault, Inc. has secured a $100 million joint investment from Velvet Sea Ventures and 01A that will allow it to launch a multi-franchise NFT development platform, according to a joint announcement Wednesday (Feb. 2).

The platform will let artists, creators and collectors participate in the ownership of digital content and help to grow cryptocurrency-native communities across NFTs, television, movies, video games and more.

“Pixel Vault projects are built with the key tenets of Web3 at the center — community empowerment, decentralized governance, and true digital ownership,” Pixel Vault founder and CEO Sean Gearin said in the release. “We do not look at the fan as the customer. Our fans are the owner and the builder.”

As the home of PUNKS Comic and MetaHero, Pixel Vault NFTs have generated almost to 100,000 in ethereum in primary and secondary transactions.

According to the release, in terms of NFT popularity, the platform trails only Yuga Labs, developer of the Bored Ape Yacht Club franchises, and Larva Labs, creator of the Cryptopunks.

“I bought 10 PUNKS Comics during the initial public sale and was fascinated by Sean’s unique view at the time that NFTs are the medium, not the product,” said Velvet Sea partner Michael Lazerow, who has joined Pixel Vault board of directors as part of the transaction.

“Intellectual property is the product,” Lazerow continued. “Pixel Vault is building it in close partnership with its engaged community of avid collectors, of which I am a proud token-carrying member.”

Meanwhile, music festival Coachella has partnered with cryptocurrency exchange FTX to offer 10 lifetime festival passes in the form of NFTs. The NFT passes, which go on sale Friday (Feb. 4), will offer entry to the festival every year, as well as unlimited access to Coachella-produced virtual experiences.

Read more: Coachella, Crypto Exchange FTX Team to Offer NFT Passes

Coachella hosts several huge music acts every April in Palm Springs, and festival organizers say they will also be rolling out two limited-edition NFT collections for fans this year that pair photos from the festival with physical items, such as posters or photobooks.