Burnt Finance, the decentralized NFT auction protocol, has raised $8 million in an investment round to scale its team as it deploys and integrates new chains and features into its products. The round was led by Animoca Brands and also had investments from companies such as DeFi Alliance, Terra and Fantom, among others.
Over time, we will become a comprehensive multi-chain hub for NFTs, integrating DeFi functionality, which includes NFT lending, liquidity mining with staking incentives, slicing and GameFi” commented Burnt Finance Founder Burnt Banksy.
Bansky also stated that everyone is excited to have Animoca Brands leading the investments, which he said will help a lot as the auction company seeks to form other partnerships, especially with gaming companies. blockchain. “Several prominent associations and gaming-focused VCs also participated in the round, which helps us gain first-hand access to various gaming projects,” noted the president.
Burnt Finance started through its campaign titled “Burnt Banksy” (founder’s fictitious name), when Injective Protocol, the decentralized exchange protocol based on the Cosmos SDK, which created Burnt Finance, purchased an original Banksy piece for US $95K to burn it and broadcast it live on Twitter in March of last year. Burnt Finance has since created an NFT of the piece and sold it for around 229 ether, or $400 at the time, on OpenSea.
After that, the platform was officially founded in April 2021 and has accumulated more than 200 users on its waiting list to date and launched its main non-fungible token auction network.
Burnt Finance's protocol will allow users to fully control their auctions, allowing the creation and trading of NFTs in an ecosystem without restrictions, in addition to what the platform still intends to support NFTs, digital assets and other items, being able to carry out transactions quickly with fees minimal due to its creation in the Solana ecosystem.
