on January 17 Burnt Finance It, a fully decentralized NFT auction protocol based on Solana, has raised over $8 million in a serie A round led by Animoca Brands. Other investors include Multicoin Capital, Alameda. Research, DeFiance, Valor Capital Group, Figment, Spartan Capital, Tribe Capital, Play Ventures, HashKey, Mechanism Capital, DeFi Alliance, Terra and others.
Burnt Finance has also announced the launch of an NFT trading marketplace, available in English and Dutch, with buyout functionality. In the coming quarters, Burnt Finance will become an all-encompassing hub for NFTs by enabling functionality on DeFi, NFT lending, incentivizing liquidity with new token distribution, NFT splitting, and GameFi
Burnt Finance also plans to expand to other blockchains, including Terra and other layer one protocols. that is compatible with EVM
Burnt Finance kicks off with the “Burnt Banksy” campaign, in which the team created a non-fungible token (NFT) based on Banksy’s original work, as previously headlined by the press. CBS News, BBC News, The Guardian and so on. It then held an auction at OpenSea and sold the digital art piece for about 229 ETH, which was around $400,000 at the time. Despite the success of the auction But it faced several challenges. From the expensive Ethereum fees to the bad guys messing up the auctions. After this auction This makes it clear that a fully decentralized market is required and will be built on Solana, a blockchain known for its speed, efficiency and low transaction costs.
Burnt Banksy (pseudonym) Founder of Burnt Finance said, “We wanted to build the platform the way we wanted it to when we sold NFT Burnt Banksy – an open and transparent marketplace. low fees It can prevent insider trading and also protect against malicious platforms. We created the first fully decentralized marketplace that is accessible to everyone. It will be based on Solana, a blockchain known for its speed, efficiency and low fees. We are excited to expand our product offerings. This includes lending and GameFi initiatives later this year.”
Burnt Finance raised over $3 million in seed funding in May 2021, led by Multicoin and Alameda Research, and is overseen by Injective Labs, the main contributor to the growth of the multi-chain network.
Since its inception, Burnt Finance has over 160,000 users on a waitlist and processed more than $100 million in trading volumes in 7 days on the Spark testnet.
Burnt Finance provides unlimited access to NFTs for a low, fast fee. This helps the bidding process go smoothly and reduces the chances of price manipulation. This platform allows users to easily create and sell digital assets with just a few clicks.
Yat Siu, Executive Chairman and Co-Founder of Animoca Brands, commented:
“Building and trading assets in an accessible ecosystem is critical to the economic foundation of the metaverse. We have always invested in Burnt Finance in recognition of our team’s innovation in NFTs, DeFi and GameFi. until the ability to recruit outstanding artists to participate in the auction.”
According to data from DappRadar, NFT’s global market capitalization hits $22 billion in 2021.
The minimum market capitalization of the top 100 NFTs is approximately $17 billion.
Legacy auction platforms Christie’s and Sotheby’s have also expanded into the NFT market, selling $100 million and $65 million respectively in 2021, representing about 5.5% of contemporary art sales. According to art market research data Both auction platforms each exceeded their total sales. $7 billion in 2021 which is the highest in history This is largely due to the growing popularity of NFT.
About Burnt Finance
Burnt Finance is a fully decentralized NFT auction protocol based on Solana.
Burnt Finance allows users to bid on their own. This makes it possible to create and trade any NFT in an ecosystem that everyone has access to. The platform supports NFTs, digital assets, and many more. Using Solana Burnt, transactions can be done quickly for a small fee.
Burnt is backed by a group of investors including Animoca Brands, Multicoin Capital, Alameda Research, DeFiance, Valor Capital Group, Figment, Spartan Capital, Tribe Capital, Play Ventures, HashKey, Mechanism Capital, DeFi Alliance, Terra and others.
for more information can visit at http://burnt.com
About Animoca Brands
Animoca Brands is listed on the Financial Times list in the categoryHigh-Growth Companies in the Asia-Pacific Region by 2021 To be a leader in digital entertainment, blockchain and games.
Develop and distribute a wide range of products. including tokens REVV and token SAND
Original games such as The Sandbox, Crazy Kings and Crazy Defense Heroes, and popular products include Formula 1®, Disney, WWE, Power Rangers, MotoGP™ and Doraemon.
The Company has several subsidiaries, namely: The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Bondy and Lympo
Animoca Brands has over 100 portfolios in NFT-related companies and decentralized projects that have contributed to opening the world to the metaverse, including Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Bitski, Harmony, Alien. Worlds, Star Atlas and more for more information. can visit at www.animocabrands.com or can be tracked on Twitter or Facebook