The Alethea AI Non-Fungible Token Protocol has closed a $16 million private token sale, further highlighting today’s need for digital collections. It was to create a scalable infrastructure for the NFT market. Moreover, Mark Cuban, the Billionaire investor is one of the sponsors of the Alethea AI token sale. The sale was co-led by Metapurse and Crypto.com Capital. In this sale, some of the largest blockchain hedge funds were involved. It included Gemini Frontier Fund, Alameda Research, Galaxy Interactive, LD Capital, Multicoin, Borderless Capital, Dapper Labs, and others. Individual investors also participated in the sale including CoinShares’ Meltem Demirors and Haseeb Qureshi of Dragonfly Capital.
AI Alethea says that they will use this funding towards building a “scalable AI infrastructure for NFT”. It will provide digital collections with more dynamic features. The company is continuously working with Open AI and understanding in-depth to develop the underlying technology.
Alethea AI’s ‘Interactive Media Assets’
Once it is done, Alethea’s protocol will allow the NFTs to become “interactive media assets, with personality traits, preferences, and real-time interactive capability.” After a historic rise in the first half of this year, the NFT mania has barely subsided. The latest craze seems to take people’s focus and interest around Ethereum Pet Rocks, which have sold for record amounts. According to data acquired from industry sources, EtherRock #61 was sold on August 11 for 78 ETH, which was $ 250,000 at the time. The most expensive EtherRock is valued at $ 1.9 billion.
Also, at the beginning of this month, OpenSea, the NFT platform announced that its total market volume for the year exceeded $1 billion for the very first time. By comparison, the platform’s total revenue was $24 million in 2020 and $8 million in 2019. In terms of NFT sales, the data recorded over $ 2.5 billion in transactions. This happened in the first six months of 2021. Venture funds are also supporting NFT protocols and all the platforms and their trust is growing. Several big investors such as Pantera, Coinbase Ventures, and Sony recently supported a $30 million Series A funding round for MakersPlace.