Mintable, belonging to Mark Cuban, has recently raised $13 million in a “Series A” funding round. Even after seeing a market crash of about 90%, the NF marketplace is still expanding at a rapid rate. Mintable is an Etherum based NFT marketplace. It is backed by Mark Cuban who is a billionaire investor. All the investors include the likes of Doug Band, Ripple, Metapurse that is the Metakovan backed crypto fund, and lastly Animoca brands. Mintable is now planning to expand its operations with the help of funding. Even the NFT marketplace is now looking for more user acquisitions and growth opportunities to boost its presence.
Zach Burks, the CEO of Mintable says, “As the technology continues to mature and the space rapidly evolves, this is a critical company milestone for Mintable and we are thankful for the support from our investors who hold the same shared belief of the many opportunities that NFTs can bring among mainstream users.”
The NFT Market Is Just Getting Started
NFT market has seen its peak in May this year reaching a whopping of around $176 million worth of NFTs. Beeple’s NFT “Everydays: The First 5000 Days” was then sold for around $69 million. This made it the most expensive NFT ever in the marketplace. But as the saying goes, all the good things must come to an end, within a month, 90% of the NFT marketplace crashed. The current movement of the market in 7 days average is just $18 million. Given below is a chart showing how the NFT marketplace has changed over time and how it enjoyed its highest point in May.
Mintable has shown a lot of interest in the funding round. This depicts that even after such a terrible market crash; the NFT marketplace’s future looks bright as the sun.
A lot of big brands have also invested in the NFT technology including Marvel as well. Fox has also revealed that they will be investing $100 million into their NFT business. Apart from just NFT selling, buying, and auctioning, several NFT powered games, as well as metaverse platforms, have also gained huge popularity. The market is becoming more accessible to everyone and these non-fungible tokens are going more conventional. This is an indication that the NFT market will eventually reach the same heights of success as it was in May.
By accident, the crash in the NFT market happened in a sequence with Bitcoin where Bitcoin’s value dropped by almost 50%. Currently, Bitcoin is trading at $33k which is 3% down in just the last 7 days. Bitcoin is not moving up anytime soon. This is why people are confused about whether the market crashes or not. An underlying BTC sign has surely turned green. This has proven to be the best time when one can invest in cryptocurrency. Thus, it is possible that the market can take a positive turn soon.