Bitski, an NFT marketplace, has raised $19 million after a Series A funding round. The round was led by Andreesen Horowitz and supported by Jay Z and Serena Williams.
NFTs are booming, and Bitski is among the leading companies joining the trend. Bitski classifies itself as the ‘Shopify of NFTs’. The company is looking to advance its operations after receiving $19 million in a Series A funding round. Bitski focuses on making NFTs available for artists and influencers by giving them a platform where they can earn from their work.
Investing in growth opportunities
Bitski has differentiated itself in the competitive NFT sector by making it easy for anyone to set up an NFT shop on the platform.
The funding rounds come a few days after Bitski partnered with Adidas and crypto enthusiast Trevor Lawrence. The partnership will enable the creation of an NFT collection comprised of 3D animated trading cards.
Bitski has also collaborated with other leading brands such as Nike and Jeff Staple in launching the Staple Pigeon NFT. The NFT will host the iconic Nike sneakers and the famous designer works of Jeff Staple. Last month, Bitski also held an NFT for the WWE star, The Undertaker.
The first funding round for Bitski happened in 2019. The round was led by Coinbase, Galaxy Digital, and Winklevoss Capital. Bitski also offers a variety of tools for NFT developers. The company believes that NFTs will transform how artists market their work.
Some of Bitski’s greatest competitors include OpenSea, whose Beeple NFT sold for more than $69 million.
Growth of NFTs
NFTs have become very popular. In full, NFTs are non-fungible tokens. They are digital collectibles that can only be bought on the internet. One of the best things about NFTs is that they maintain the uniqueness of art pieces by reducing the chances of duplication.
NFTs can be used for various sectors, including music, paintings, sculptures, sports moments, and more. NBA top shot has been instrumental in bringing NFTs to the sports field. Other initiatives such as Sonic the Hedgehog and Barbie are looking towards introducing NFTs to the kids market. By doing so, NFTs will become adopted at an early age and become more mainstream in the future.
The growth of the NFT market can be proven by how much the numbers have risen over the years. The market grew from $250 million to $389 million in 2020. This number is expected to double in 2021.
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