Sotheby’s invests in NFT start-up to power the Metaverse
The first round of funding brought the firm value at $100m
The New York-based auction house, Sotheby’s, was among the investors helping Mojito, a new non-fungible token (NFT) commerce suite, to raise $20m (£14.5m, €16.9m) in its first funding round, valuing the firm at $100m.
Sotheby’s is using the Mojito technology to power the recently launched Sotheby’s Metaverse, its dedicated marketplace for rare NFTs.
Through the strategic partnership with Mojito, Sotheby’s became the first auction house and one of the few institutions worldwide to build a dedicated, custom NFT marketplace serving as a destination for art NFT drops and auctions.
Charles F Stewart, Sotheby’s CEO, said of Mojito, “Sotheby’s is in a unique position to apply our expertise and curatorial insight to the burgeoning world of digitally native art and the Mojito partnership will only expand our capabilities.”
Other investors include Connect Ventures, an investment partnership between leading entertainment and sports agency Creative Artists Agency (CAA) and global venture capital firm New Enterprise Associates.
“Mojito is the first product to spin out of Serotonin, the premier Web3 marketing firm and venture studio,” explained the company.
The Mojito platform
Mojito platform offers brands capabilities for development flexibility, perpetual royalties, permissioned access, seamless cryptocurrency management, security and creative licence over their marketplace.
The platform is optimised to interoperate with apps built on Ethereum and Ethereum Virtual Machine (EVM)-compatible technologies so that Mojito partners’ assets and users are not locked onto isolated, centralised networks. This connectivity enables Mojito customers to access emergent Web3 innovations like decentralised finance (DeFi), decentralised autonomous organisations (DAOs) and open-source ecosystems across the Metaverse.
Mojito CEO Dan Kinsley stated, “Mojito is unlocking the ability for IP [intellectual property] of any kind to be brought into the Metaverse, which is what we believe will be the next evolution of the internet.”
Mojito did not immediately respond to a request for comment.