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Unchangeable is there: the big-name deals of unique tokens

Thursday, May 27, 2021

Startup Jedi

We talk to startups and investors, you get the value.

Non-fungible token technology has been a frequent guest in our news coverage in recent days. NFT’s nature of making each token unique, unforgettable and unchangeable allows it to be used to secure, first of all, information about the rights to an object. Such mechanics almost instantly found their application in the field of art.

Musicians “tokenized” their new albums, a series of CryptoPunks sold for less than $17M at a Christie’s auction, and works of famous artists were transformed into NFT. The technology’s triumphant march through the art world continues with an investment round this time. Snark.art, an NFT art platform with Russian roots, has raised $1.5M at the Seed round. The lead investor was Alphemy Capital, whose portfolio focuses on crypto startups.

Among other things, the funding will help the company launch its own token, with a focus on the art sector to bring blockchain to the attention of artists and collectors. A meaningful curatorial approach to selecting artists and adapting their work to NFT is a hallmark of the platform among competitors. According to project co-founder Andrei Alekhin, blockchain is capable of transforming art, and it is capable of taking crypto technology to a new level.

At the same time, the story of the cryptocurrency cycle is evolving in Ukraine. It began in 2017, when TechCrunch founder Michael Arrington bought a flat in Kyiv, paying with Ethereum cryptocurrency. It was the first real estate transaction this way, with the startup Propy acting as an agent.

The same project put the same flat up for sale the other day, but no longer as real estate, but as a collectible NFT token. If the deal goes through, it will be the first such case in the market and will definitely go down in history. The auction will last 24 hours and start on 7 June.

27 May 2021

 

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