AgenciesNon-fungible token (NFT) marketplace Colexion has raised an undisclosed sum from Polygon, an Ethereum scaling and digital infrastructure development platform founded by Indians and backed by billionaire Mark Cuban.
Colexion raised the capital at a valuation of about $50 million, cofounder Bibin Babu told ET. The investment is a mix of token and equity, he added.
NFTs are a type of crypto asset in which each token is entirely unique. They can be used as a digital certificate of authenticity for any asset, digital or physical.
Colexion will use the new funds for marketing, technology enhancement and community engagement, it said.
The company has entered into exclusive partnerships with celebrities from the cricket and entertainment industry for their NFT rights. At present, the startup has partnered with Dwayne Bravo, Mika Singh, Krissann Barretto, Salim-Sulaiman, and others.
The artists earn 60-70% on their first sale and a lifelong royalty of 10% on every subsequent sale, Babu said.
“The art economy is also going totally digital. This is for the first time that art is actually being seen as an asset, something that will grow in value,” he said.
The announcement comes amid a growing trend among celebrities to get on the NFT bandwagon and monetise their brands and creations.
Recently, Bollywood star Salman Khan announced a range of NFT-backed collectibles, while cricketer Zaheer Khan partnered with NFT platform Rario to launch cricket-based digital collectibles.
Founded earlier this year by Babu and Abhay Aggarwal, Colexion will launch its marketplace for digital collectibles next week. It also has plans to launch a native crypto token in the near future.
“The main purpose of this investment is to bring transformation in the NFT marketplace,” said Sandeep Nailwal, cofounder and chief operations officer, Polygon. “While Polygon ensures the security and ownership transparency of non-fungible digital tokens, Colexion aims to give NFTs the value that they deserve, thereby also allowing artists and fans to interact and trade on this trustworthy platform.”
Also Read: What is NFT, and why it matters in the crypto world
Colexion raised the capital at a valuation of about $50 million, cofounder Bibin Babu told ET. The investment is a mix of token and equity, he added.
NFTs are a type of crypto asset in which each token is entirely unique. They can be used as a digital certificate of authenticity for any asset, digital or physical.
Colexion will use the new funds for marketing, technology enhancement and community engagement, it said.
The company has entered into exclusive partnerships with celebrities from the cricket and entertainment industry for their NFT rights. At present, the startup has partnered with Dwayne Bravo, Mika Singh, Krissann Barretto, Salim-Sulaiman, and others.
The artists earn 60-70% on their first sale and a lifelong royalty of 10% on every subsequent sale, Babu said.
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“The art economy is also going totally digital. This is for the first time that art is actually being seen as an asset, something that will grow in value,” he said.
The announcement comes amid a growing trend among celebrities to get on the NFT bandwagon and monetise their brands and creations.
Recently, Bollywood star Salman Khan announced a range of NFT-backed collectibles, while cricketer Zaheer Khan partnered with NFT platform Rario to launch cricket-based digital collectibles.
Founded earlier this year by Babu and Abhay Aggarwal, Colexion will launch its marketplace for digital collectibles next week. It also has plans to launch a native crypto token in the near future.
“The main purpose of this investment is to bring transformation in the NFT marketplace,” said Sandeep Nailwal, cofounder and chief operations officer, Polygon. “While Polygon ensures the security and ownership transparency of non-fungible digital tokens, Colexion aims to give NFTs the value that they deserve, thereby also allowing artists and fans to interact and trade on this trustworthy platform.”
Also Read: What is NFT, and why it matters in the crypto world
