Investors Pour $20 Million on 'Mojito' That Creates NFT Marketplaces Amid Growing Crypto-Culture

The capital from this fresh investment will be used to grow Mojito’s engineering and technical teams, says the company.

By Radhika Parashar | Updated: 22 October 2021 16:00 IST

Investors Pour $20 Million on 'Mojito' That Creates NFT Marketplaces Amid Growing Crypto-Culture

Photo Credit: Larva Labs

Mojito is a tech platform that enables the creation of NFT marketplaces

Highlights

NFT-related tech gets $20 million (roughly Rs. 150 crore)
It’s an NFT marketplace-creating suite called Mojito
NFT culture is growing globally

With a fresh investment of $20 million (roughly Rs. 150 crore), Mojito, a tech-suite enabling the creation of NFT marketplaces, has now reached a total valuation of $100 million (roughly Rs. 747 crore). NFTs or non-fungible tokens are digital collectibles that are traded for in cryptocurrencies on dedicated marketplaces. Renowned auction house Sotheby's emerged as a leading investor in Mojito. The development is not much of a surprise after the auction house announced its new platform called Sotheby's Metaverse was powered by Mojito.

The funding round was led by Future Perfect Ventures and investors like Connect Ventures and venture capital firm New Enterprise Associates among others also added to the investments, said a report by CoinDesk.

Born out of a marketing firm called Serotonin, Mojito recognises itself as an “NFT commerce suite”. Basically, it's an underlying technology that gives a foundation to such online marketplaces where NFTs can be traded.

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“NFT commerce suite and what that means is that we've built, or are building, all of the tools and products that a brand or a right holder needs end to end in order to sell NFTs. So Mojito is the underlying technology to power Sotheby's Metaverse,” Amanda Cassatt, the Co-Founder of Mojito said in a statement.

Mojito's system will enable visitors to view digital artworks available at Sotheby's auction as NFTs. It will also provide information on the collectors and their creators.

Given the rapidly increasing popularity of the NFT space in recent times, Mojito plans to better tune its tech and engineering verticals going forward with this fresh capital influx.

NFT sales volume surged to $10.7 billion (roughly Rs. 79,820 crore) in the third quarter of 2021, up by more than 8x from the previous quarter, according to data from market tracker DappRadar.

Surging sales and hefty prices of NFTs — items that do not physically exist — have baffled many, but the multifold growth is showing no depreciation whatsoever.

On the biggest NFT marketplace, OpenSea, sales volumes hit $3.4 billion (roughly Rs. 25,320 crore) in August and remained strong even in September when the global stock markets faltered.

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Further reading: NFTs, non-fungible tokens, Mojito, Sotheby's

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More