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NFT Media Distribution Platform Pinata raised $21.5M in Seed and Sequence A Funding

Regardless of the considerable fading of curiosity within the NFTs, particularly in comparison with the final August when it was blazing, NFT platforms and corporations proceed cementing their presence in Web3. 

An NFT-focused media distribution platform Pinata, concerned in offering the media infrastructure and assist for web3 apps, marketplaces, and crypto tasks throughout all blockchains, has just lately raised $21.5M in Seed and Sequence A Funding. 

The platform raised $3.5 million in a seed spherical in 2021 and $18 million in Sequence A which resulted in a whopping whole quantity. The latest Sequence A was co-led by Greylock and Pantera, and the seed was co-led by Greylock and Offline Ventures. Volt Capital, Opensea, and Alchemy are among the many further buyers. By the way in which, this quantity is the one capital the four-year-old firm has ever raised. 

Pinata is genuinely concerned about designing merchandise that would assist web3 creators take advantage of the non-fungible business, catering to their growing wants. With a set of instruments to handle, share, serve, and monetize media on any blockchain, Pinata has all possibilities to change into the highest platform for creators. 

In accordance with Kyle Tut, co-founder and CEO of Pinata, the funds raised shall be used to develop the staff and scale the platform’s expertise infrastructure to make it extra steady, sooner, and capable of “energy the subsequent era of NFTs.”

Since January,  Pinata’s person base has elevated from 104,000 customers to over 240,000 customers as of right this moment, showcasing about 131% development. Each rising creators and identified corporations like Yuga Labs, Opensea, DraftKings, LooksRare, and Autograph use the platform’s companies. 

One in every of Kyle Tut’s goals concerning the platform’s improvement is to serve content material for these NFT tasks concerned about constructing media and content material. 

“To us, [the future] appears to be like like full-blown purposes, not simply easy photos or complicated purposes related to NFTs,” Tut stated. “NFTs are going to be a lot greater than individuals perceive right this moment.”

With such large ambitions and spectacular capital, Pinata has all possibilities to maneuver the NFT business ahead and even set new tendencies. Let’s wait and see what breakthrough can occur.


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