Licensed NFT Marketplace Colexion announced on Saturday that it has raised $5 Mn. The company said that it will use the funds for expanding its Metaverse infrastructure. Earlier the Delhi-NCR based startup had raised $1.8 Mn in seed round and $3.2 Mn from a private round. Several prominent VC firms had participated in this funding round.
Founded last year (2021), Colexion is a NFT marketplace that operates on polygon network and allows users to trade in digital collectables related to cricket and entertainment. Currently, the company boosts more than 1200 NFTS from 100+ celebrities and more than 10 countries.
Former star batsman Yuvraj Singh and actor Sunil Shetty are among other celebrities who are on Colexion. The startup has become quite famous for its ‘Trump Card NFTs.’
Apart from building the metaverse, the company has ambitious plans to start its state-of-the-art digital museum, virtual games and allow NFTs to trade categories like art, lifestyle, sports and celebrities.
Commenting about the latest funding, Abhay Aggarwal, the Founder and Chief Executive Officer (CEO) of Colexion, “We at Colexion aim to increase NFT adoption via seamless, affordable and easy to understand NFT ecosystem and partnering with these industry giants will help in strengthening our long-term objective and expand our metaverse.”
“As a company, we will continue to focus on building a more robust economy and innovate our product portfolio to leverage brand partnerships in a much efficient manner.”
Since last year NFT, which stands for Non-fungible token, has been growing in popularity. Artists from India as well as the world have lapping up the cryptographic tokens for selling their arts and enhance their revenue avenue.
For all those who are not aware, NFT is a non-interchangeable digital unit that can be traded and sold using blockchain technology.