NFT media management platform Pinata raises $21.5 million

by in Cryptocurrency News

Pinata

Pinata, a platform for NFT-focused media distribution, has secured $21.5M in total from Pantera Capital, Greylock, and other investors.

Kyle Tut, co-founder and CEO of Pinata, reported that Pantera Capital, Greylock, and Offline Ventures led the $18M Series A and $3.5M seed rounds, with participation from Volt Capital, OpenSea, and Alchemy.

In order to develop and maintain NFT markets, metaverses, Web3 apps, and other crypto projects, the business offers an infrastructure based on the IPFS protocol.

You may manage and make money off of media assets on a variety of blockchains using the platform, including Ethereum, Solana, Polygon, Avalanche, and Algorand.

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"Today, we witness NFT developers functioning as their own programs. "The head of Pinata remarked that many of them would like to produce material for millions of users, as on YouTube or TikTok, but do not yet have the chance.

Numerous well-known business leaders, like OpenSea, DraftKings, Protocol Labs, and Yuga Labs, are among the company's clientele. Tut stated that there are now 240,000 users on the site as a whole.

According to the CEO of the firm, Pinata, cash will be used to expand the team and upgrade the infrastructure so that it is "faster, more stable, and ready to handle the next generation of NFT."

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Recall that in the first half of the year, the volume of venture investments in the blockchain industry exceeded $30 billion.