The $20M investment will be used by Mojito for making new tools and resources that will help the company to expand its services.
The funding round that helped the NFT firm Mojito to acquire the said investment of $20 million was led by Sotheby’s and Future Perfect Ventures. Other leading investors that had participated in the funding round headed by the firm were Connect Ventures, Moore Strategic Ventures, CMT digital, and Sfermion.
Mojito Plans to Invest the Capital into Building New Tools for Other Brands to Access NFT Tech
Sotheby’s latest announcement of building a new platform called Sotheby’s Metaverse is met with a positive response and is said to be powered by Mojito. The process will allow the audience and visitors to learn more about digital artworks at auction and will also assist masses to understand more about collectors and artists that have made the exhibited NFTs pieces.
Sotheby;s has joined the growing NFT bandwagon in hopes to grow its service repertoire. The company’s CEO Charles F Stewart has stated that their customers have expressed a keen interest in digital goods. Moreover, the company’s vision has always been towards promoting extraordinary art and luxury objects, hence exploring NFTs seemed like a viable option for the firm to consider in the long run.
Amanda Cassatt, the co-founder of Mojito, has stated that the company is in process of building new tools and products, essentially anything a brand or an individual will need to sell their NFTs in the future. Cassette has also stated that Mojito is the main underlying technology that will propel Sotheby’s Metaverse to become a reality.
The $20M investment will be used by Mojito for making new tools and resources that will help the company to expand its services while the majority of the fund will be employed in improving the engineering and product development.
NFTs also known as non-fungible tokens represent an online marketplace where digital collectibles are bought and sold. The concept has acquired immense popularity as it offers a unique approach to individuals who are keen on owning a digital collectible exclusively.
Mojito is an NFT studio platform specializing in developing an NFT marketplace for various brands and IPOs. The company develops compelling strategies and takes full responsibility for building the NFT marketplace by paying special attention to UI, brand identity, NFT product ecosystem, and customer responses.