To Build Decentralized NFT Infrastructure The Startup NFTPort Nets $26M
Estonia’s NFTPort nets $26M in Series A funding to construct decentralized NFT infrastructure.
With an aim to develop infrastructure that will underpin the NFT market, the Tallinn-based NFTPort grabs funding of $26M. The startup witnessed participation from prominent investors in a Series A round co-led by Taavet+Sten, the investment vehicle of Taavet Hinrikus and Sten Tamkivi, and Atomico.
Also including the additional investors such as Sparkle Venture, Filecoin creator Protocol Labs,IDEO CoLab Ventures, former Coinbase CTO Balaji Srinivasan, Polygon co-founder Jaynti Kanani, former Twilio CTO, Ott Kaukver, and Polkadot co-founder Jutta Steiner, and many other founders.
The reason investors are investing their money in NFT startups is because of the huge potential of this market in Europe. Also, the startups popping up each and every day such as La Collection and Yuga Labs prove that the NFT market is not going to relax. As also evident from its growth last year with its sales jumping by 200 times in 2021.
Moreover, NFTPort can cater the market with its mission to create decentralized NFT infrastructure including application programming interfaces (APIs) for data, minting and counterfeit detection. The data APIs provide access to NFT data from Ethereum, Polygon and Solana blockchains.
Furthermore, allowing developers to deploy, manage and customize NFT smart contracts without having any need to write smart contract code. Also, the counterfeit detection interface cross-checks that an NFT wasn’t previously minted on any supported blockchains.
Comparatively young and founded just last year by Johannes Tammekänd and Kaspar Peterson. The startup claims that it can save clients hundreds and thousands of dollars.
As Tammekänd also said:
Managing constantly evolving blockchain technology quickly becomes a multi-million dollar problem for most companies wishing to build their own NFT infrastructure; like accepting payments online pre-Stripe or building a tech-based product pre-cloud.”
Whilst, the NFTPort can help with its APIs and decentralized protocols. Also elaborated by Taavet+Sten Partner and NFTPort co-founder Sten Tamkivi:
NFTPort’s role is to add meat to these bones, to build the scaffolding in the form of APIs and decentralized protocols for developers to be able to deliver on the promise of a citizen owned internet.”
The NFTPort with its mission of decentralized NFT infrastructure has robust backers and has onboarded experienced entrepreneurs which shows real enthusiasm of the company. However, given the likely rewards, the NFT infrastructure is going to see more companies because as per stats 1000-1500 NFTs are made for sale.