Home News NFT studio Mojito completes $20M seed round with help from Sotheby’s

NFT studio Mojito completes $20M seed round with help from Sotheby’s

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Mojito, an NFT development studio, stated on Friday that it has acquired $20 million in early investment from a variety of investors, including Sotheby’s, the world’s most prestigious auction house.

Sotheby’s auction house, in collaboration with Future Perfect Ventures, Creative Artists Agency, and NEA’s Connect Ventures, invested in the round. With Mojito’s value at around $100 million, according to a Forbes release.

The Delaware-based start-up stated that it plans to utilise the funds to expand and strengthen its technical teams. As well as create a better version of its existing NFT platform, and expand its NFT trading and investing platforms.

According to nonfungible.com, overall monthly sales in the NFT market have decreased since early September, but have remained stable at between $1.8 and $2.1 billion in the previous month. Following a steady climb in late July, overall monthly sales in the NFT market reached an all-time high of $3.7 billion on Sept. 4. Art-based assets are responsible for $31 million of the current total NFT market sales.

Art dealers and museums are starting to follow suit

OpenSea, a digital art marketplace, rose to popularity around this period. Apparently holding 98% of the market’s transactions until August 2021.

Art dealers and museums have taken note and are starting to follow suit. As the money in this new market becomes more visible. In the last year, both Sotheby’s and Christie’s auction houses have had successful NFT auctions. Christie’s was the first of the two auction houses to hold a global auction of an NFT.

Sotheby’s earlier enlisted Mojito’s help in developing Metaverse, its new digital NFT marketplace.

During an interview on the Pomp podcast, businessman and TV personality Kevin O’Leary, a vociferous opponent of cryptocurrency-based investments in the past, recently revealed his opinion that the NFT market will surpass Bitcoin.

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