In a funding round led by Animoca Brands, Burnt Finance, a protocol built on Solana, has raised $8 million. The project also launched its own non-fungible token (NFT) platform.
The newly raised capital will be allocated to expand the team and look for new partnerships with artists and other Solana-based projects.
The controversial Burnt Finance is known for burning a real artwork from street artist Banksy last year after which it sold the piece as an NFT. The NFT marketplace that it will develop will feature auctions and gives users to option mint and sell digital assets.
The funding round saw participation from investors such as Alameda Research, Multicoin Capital, Valor Capital, Figment, Spartan Capital, HashKey, Terra, Fantom and others.
Burnt Finance said in a statement:
“We are now looking to expand onto other chains such as Terra and Fantom while building out new functionalities that bridge the worlds of DeFi [decentralized finance] with NFTs.”
Demand for NFTs continues to surge and by many crypto professionals it is considered as one of the trends to watch in 2022. ARK Invest CEO Cathie Wood, considers NFTs and DeFi to be the top markets in 2022, while former Goldman Sachs executive and macro guru Raoul Pal, sees the influx of Middle Eastern capital to be a major driver for DeFi and NFTs.
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Source: Igaming
