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| Emerging NFT companies are raising millions of dollars |
Venture capitalists are investing millions of dollars in emerging NFTs, and non-transferable tokens (NFTs) have grown in popularity this year as cryptocurrencies like Bitcoin and Ethereum have risen in value.
NFT is a digital asset that can be used to track ownership of unique virtual objects (such as graphics or sports cards) using blockchain technology.
In the past year, the total value of NFT transactions quadrupled to $ 250 million, while the total value of NFT transactions last month alone exceeded $ 220 million.
By 2021, investors have invested $ 90 million in NFT startups and digital acquisitions, nearly three times the $ 35 million startups raised last year.
The biggest deal went to Sorare, a blockchain-based fictional soccer game, which raised nearly $ 50 million in February from venture capital firms.
The second largest investment that year was OpenSea's NFT market, which attracted $ 23 million.
Emerging NFTs could attract millions of dollars more venture capitalists.
Blockchain company Dapper Labs reportedly aims to raise $ 250 million in cash with a market value of $ 2 billion.
The company has greatly increased demand with its NBA Top Shot digital acquisition platform, which was developed in conjunction with the NBA.
It's not hard to see why emerging NFT companies are attracting some novices because the market is rapidly growing and some digital acquisitions have brought in millions of dollars in sales.
This coincided with the boom of cryptocurrencies such as Ethereum, which is widely used for NFT transactions.
Last week, Twitter CEO Jack Dorsey sold his first tweet for $ 2.9 million on Valuables, a platform owned by blockchain Cent.
Meanwhile, Christie auctioned off artist Beppel's virtual work, which eventually sold for $ 69 million.