Bitski Raises $19M for Creators’ NFT Storefronts

The San Francisco-based startup sells subscription plans to creators for their NFT storefronts so they can engage with buyers directly rather than selling through larger marketplaces like Nifty Gateway or OpenSea.

article-image

Jay-Z; Source: Shutterstock

share

key takeaways

  • Series A funding round was led by Andreessen Horowitz
  • Rapper Jay Z, YouTube star MrBeast and musician and producer 3LAU also participated in the round

Bitski, a company that builds online NFT storefronts for creators, has raised $19 million in Series A funding led by Andreessen Horowitz.

Rapper Jay Z, YouTube star MrBeast and musician and producer 3LAU also participated in the round, which brings Bitski’s total funding to date to $23.4 million. Previous investors include Galaxy Digital, Winklevoss Capital and Coinbase Ventures.

The San Francisco-based startup sells subscription plans to creators for their NFT storefronts so they can engage with buyers directly rather than selling through larger marketplaces like Nifty Gateway or OpenSea. In that sense it’s positioning itself as the “Shopify for NFTs.”

NFTs, or non-fungible tokens, are tokens that represent ownership of a unique piece of digital property (like art). Because they represent something unique, they can’t be traded for other tokens the way digital assets like bitcoin can.

The market capitalization for NFTs soared to $338 million in 2020, compared to $142 million in 2019 and almost $41 million the year before that, according to NonFungible, an NFT data and market analysis platform.

The NFT craze has continued into the first half of 2021. In March, Mike Winkelmann (aka Beeple) sold his work “Everydays – The First 5,000 Days” for $70 million at Christie’s, the first ever digital artwork sale by a major action house. Since then Dapper Labs, the creator of CryptoKitties and NBA Top Shot, and NFT art platform SuperRare both raised millions of dollars in funding; Binance, the largest crypto exchange in the world by trading volume, said last week it would launch an NFT marketplace next month. 

NFTs are extending beyond NBA Top Shot fans too. Model Emily Ratajkowski is selling an NFT at Christie’s, a piece of art created by the late Grateful Dead guitarist Jerry Garcia is being sold as an NFT for more than $1 million, and Television host Ellen DeGeneres dropped her first NFT, on Bitski, last week.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

ao cover.jpg

Research

Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.

article-image

Plus, a Bored Ape burger restaurant closes, and Crypto: The Game presses on

article-image

Bitcoin scarcity is a meme, with or without the halvings

article-image

The current state of blockchain interoperability poses an existential threat to the mainstream adoption of blockchain technology as a whole

article-image

The fighting in pro wrestling is largely fake and the outcomes are mostly pre-determined, similar to Ethereum’s relationship with the crypto ecosystem

article-image

Shakeeb Ahmed was tied to two hacks, and the DOJ first filed an indictment against him in July of last year

article-image

HashKey is expected to be among the issuers who receive the green light, according to the report.