Co:Create, an NFT infrastructure developing startup, has secured $25 million in a seed round headed by Andreessen Horowitz (a16z). The company is developing an infrastructure to assist NFT initiatives in launching their tokens and managing decentralized autonomous organizations (DAOs).
Investors in seed funding of Co:Create startup
Tom Brady’s NFT platform Autograph, Packy McCormick’s Not Boring Capital, Amy Wu of FTX Ventures, Gary Vaynerchuk’s VaynerFund, and the teams powering NFT fractionalization platform Fractional.art and Nike-acquired NFT studio RTFKT were among the other investors in seed funding.
Co:Create NFT infrastructure development
Co:Create is working on the development of a protocol that will assist NFT projects in going beyond the drop, or going beyond simply generating and selling digital items. The Co:Create protocol will essentially give a platform for smart contracts that projects can use to mint NFTs and govern royalties paid in their native token.
The initial version of the protocol will be released this fall and on the mainnet just after that.
NFTs are more than simply digital collectibles
Tara Fung, the co-founder and CEO of Co:Create, in an interview revealed that the company seeks to assist decentralised companies in the upcoming time. She further stated that the combination of NFT with fungible native token and DAO will serve to maximise the potential of NFT projects and web3 brands.
In her view, NFTs are more than simply digital collectibles. They are programmable assets that may be utilised to get access to certain advantages such as a game, an event, an experience, or other products and services. She went on to say that if an NFT initiative creates its own token, it will be able to expand its community beyond NFT holders. A successful example of the launching of a token by the NFT initiative is ApeCoin from the Bored Ape Yacht Club (BAYC).
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