AUS
NZ
UK
CA
USA
IND
Highlights
- The NFT Investments PLC has invested C$100,000 (US $79667) in a start-up creating a decentralized social network on the Ethereum blockchain
- Total investments are estimated to be C$655,000 (US $521,820) and it was led by venture capital firm Slow Ventures.
- Big Whale's decentralized social interaction platform leverages new technologies such as pseudonymous NFT credentials that can be linked to verified credentials that grow around the Ethereum network.
NFT Investments PLC (AQSE: NFT), a non-fungible token (NFT) investment company, is making headlines at present. With the NFTs growing at an exponential rate, it is proving out to be one of the clear winners to invest in and make the most at the moment.
NFTs are tokens that allows the collectibles such as works of art, games, trading cards, music etc to be registered and traded on a blockchain. Today, it is revolutionising the crypto sector and enjoys a market cap of US $767,961,391,688.47 with an all-time sales volume of US $10,004,922,959.90 since it first launched in 2015.
Also read: One-third Britons still naive to cryptocurrencies: Survey
UK-based NFT Investments PLC plans to hop on to the buzz and is investing heavily in the space. The incubator, which helps in providing a market for the NFTs, announced on Thursday that it would be investing in the start-up Big Whale Labs. The investment in the decentralised social network platform is expected to be anywhere around CAD $100,000 (US $79,667).
The deal
NFT Investments PLC’s C$655,000 (US $521,820) investment comes as a part of pre-seed funding round and was led by venture capital firm Slow Ventures along with Samsung Next, Intonation Ventures, and a series of angel investors.
Canadian company Big Whale Labs will be using the Web 3.0 technologies to reimagine what digital identity and it will leverage new technologies such as pseudonymous NFT credentials linked to verified credentials that grow around the Ethereum network. Big Whale Labs intends to utilise this funding to accelerate its product development purpose.
Also read: 5 best crypto debit cards available in UK
Big Whale CEO Jason Kim was of the view that the company intends to improve the online connection between people to make communication more secure and more fun.
Big Whale wasn’t the only one
NFT Investment PLC has been quite aggressive in investment and in fact, Big Whale wasn’t the only one. It has also invested in Sturdy Exchange. The incubator announced that it would be making an investment of US $1.4 million into Sturdy Exchange, which offers a platform for NFT enthusiasts to collect and trade NFTs that are created by artists and performers.
Also read: Gravitoken Crypto: A marketing push, a scam or unique mechanism?
The investment is being made as part of a seed round to raise a total of US $20 million by Sturdy Exchange, which is incorporated in the US. The Sturdy Exchange will optimise the Flow Network to issues NFTs, and their clientele include some of the big names such as rapper Drake, singer Selena Gomez, singer and songwriter Shawn Mendez and rapper Kendrick Lamar.
Conclusion
NFT space is definitely seeing big ticket investments from major companies around the globe, and it is surely a potential game changer in the area pf cryptocurrencies. This latest investment from the UK firm shows the growing interest of investors.
