Coinbase for NFTs
VeradiVerdict - #158
MakersPlace is the premier NFT marketplace for digital art and has achieved tremendous growth in the last year, including over $100M in sales and a 10x increase in unique collectors. Recently, the company announced that it raised a $30m Series A, co-led by Pantera Capital and Besssemer Venture Partners, with participation from Uncork Capital, Draper Dragon Digital Assets, 9Yards Capital, Coinbase Ventures, and Sony Music Entertainment. Other angels include Eminem, 3LAU, and Larry Fitzgerald Jr.
If you’re still uncertain about what is an NFT and why the concept is compelling, read my previous article on NFTs here.
The NFT sector is continuing to surge with a very strong month of July for monthly sales.
MakersPlace has prioritized quality, trust and ease of use, differentiating from other NFT platforms. The company has always targeted a mainstream audience and was the first NFT marketplace to accept both cryptocurrency (ETH) and non-cryptocurrency (USD) payments, through crypto wallet and credit card transactions, and was the first to offer integrated hosted wallets.
The blockchain enables NFTs to have authenticity and can track their ownership which enables not only a new revenue stream for creators but also residual revenue from secondary transactions. See below on Proof of Authenticity:
MakersPlace even set a record for an NFT transaction with Beeple’s Everydays: The First 5000 Days. It sold for $69.3 million at Christie’s auction house, ranking as one of the highest prices ever paid for a work (in any medium) by a living artist. A replica of the piece is below:
MakersPlace has gone beyond traditional fine art creators and has allowed musicians and athletes such as Pak, DeadMau5, Urs Fischer, Bosslogic, Trevor Jones, Patrick Mahomes, 3LAU, Jose Delbo, and Lushsux to create their own pieces of fine art. See Kansas City quarterback and super bowl MVP Patrick Mahomes piece below:
Who’s behind the project?
MakersPlace was founded by former Pinterest coworkers Dannie Chu and Yash Nelapati and eCommerce veteran Ryoma Ito.
I firmly believe that NFTs will power the next generation of digital art, collectibles, media, experiences, and much more. MakersPlace has formed a top-notch team that has designed a user experience that seamlessly introduces creators and collectors to this new paradigm. By all indications, it is working. The future is bright for creators and the industry in general, and we're thrilled to be early partners with MakersPlace.
- Paul V
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Hi, I’m Paul Veradittakit, a Partner at Pantera Capital, one of the oldest and largest institutional investors focused on investing in blockchain companies and cryptocurrencies. I’ve been in the industry since 2014, and the firm invests in equity, early stage token projects, and liquid cryptocurrencies on exchanges. I focus on early-stage investments and share my thoughts on what’s going on in the industry in this weekly newsletter.