NFT studio Mojito seals $20M seed round assisted by Sotheby
Mojito, an NFT development studio has announced on October 22 that the firm has raised $20M in seed funding organized by a number of investors, including globally popular auction house Sotheby’s.
The announcement published by Forbes informs that the auction at Sotheby’s was held in collaboration with Future Perfect Ventures, NEA’s Connect Ventures, and Creative Artists Agency, contributing to the round at Mojito’s estimated value of $100 million.
Mojito, a Delaware-based start-up, has also indicated that it would use this new injection for capital growth and developing its engineering teams and making a better version of its current NFT platform to further develop its NFT trading and investment platforms.
The NFT market has now seen a total monthly sales drop from the beginning of September, though the numbers have been held at between $1.8 and $2.1 billion for the last month. The NFT market’s total monthly sales had hit an all-time high of $3.7 billion as of September 4 after it rose steadily in late July.
Among the current total NFT market sales, $31 million has come from the sale of art-based assets, according to nonfungible.com.
OpenSea and other digital art marketplaces have reportedly achieved prominence during the same time, hosting 98 per cent of the market’s overall transactions through August 2021.
Major artists and museums have taken note of this, and are gradually beginning to follow suit as they chase the money that is visibly flooding in the new market.
Both Sotheby’s and Christie’s auction houses have witnessed a considerable number of successful NFT auctions in the last one year. Christie’s was among the firsts to host a global auction of NFTs.
The Delaware-based Mojito had previously aided Sotheby’s in developing its new digital NFT marketplace, popularly called the Metaverse.
Kevin O’Leary, a famous businessman and TV personality, was a one-time highly opponent to crypto-based investments. However, in a recent interview on the Pomp podcast, O’Leary has stated a change in belief, saying that he thinks the NFT market would become “bigger than Bitcoin”.