Pixel Vault secures $100m to fund NFT platform
Velvet Sea Ventures and 01 Advisors co-led the round to help build the firms crypto-native communities
Web3-centric media startup Pixel Vault has raised $100m (£73m) in fresh capital to support the growth of its crypto-native communities and help artists with ownership of their digital content.
Velvet Sea Ventures co-led the round together with 01 Advisors, the venture firm founded by former Twitter CEO Dick Costolo and COO Adam Bain. It’s the second time the two venture capital firms have collaborated after following a joint $25m Series A investment into NFT marketplace Autograph.
A “multi-franchise NFT development platform”
Pixel Vault said that the funding will help support the creation of a “multi-franchise NFT development” that will allow artists and creators to participate in the ownership of digital assets, as well expand into new verticals such as movies and video games.
The almost one-year-old startup has witnessed significant growth over the past year as interest in NFTs skyrocketed in a record-breaking year. According to DappRadar, NFT sales topped $25bn in 2021.
The firm has generated almost 100,000 in ethereum in primary and secondary transactions, making it one of the most popular NFT collectible projects in history, and has since inked partnerships with firms including Fractional.art and Adidas Originals.
“Pixel Vault projects are built with the key tenets of Web3 at the center – community empowerment, decentralised governance, and true digital ownership,” said Pixel Vault founder and CEO Sean Gearin.
“We do not look at the fan as the customer – our fans are the owner and the builder.”
