Avalanche’s Largest NFT Marketplace Announces $5M Funding Backed by Now-Defunct FTX – NFTgators
Quick take:
- JoePegs has announced a $5 million funding round led by the Avalanche Foundation and FTX Ventures.
- The fundraising was completed in June long before FTX collapsed.
- JoePegs has grown to become the largest NFT marketplace in Avalanche.
JoePegs has raised $5 million in a round led by Avalanche Foundation and FTX Ventures. The fundraiser ended in June and the funds were transferred from FTX accounts long before the bankruptcy.
FTX and its affiliates (FTX US and Alameda Research) filed for Chapter 11 bankruptcy last week after Binance pulled out of a potential acquisition citing a hole in the defunct crypto exchange company’s books.
But while FTX goes under, some of the investments will continue to benefit from funding received before the latest events came. JoePegs has emerged as one of the companies that FTX Ventures, the investment arm of FTX, invested in.
In a statement announcing the fundraising, the JoePegs founders using pseudonyms, Cryptofish and 0xMurloc, said: “Funding from FTX Ventures was completed in June, and has since been transferred from FTX prior to recent bankruptcy events.”
JoePegs has grown to become the largest non-fungible token (NFT) marketplace on Avalanche with more than $3.4 million in secondary sales volume and 12,000 users.
The founders have also developed a separate production unit, Joe Studios, and an NFT launch pad, which already has 50 projects.
“When we started building this, we realized very quickly that to deliver a platform that really helps users discover great NFTs, we need to invest in a lot more platform features, so that’s what the fundraising will go towards,” said 0xMurloc . “On top of that, we also create a lot of content on our site. We did this at the start to meet a need. Marketplaces are only as good as the content of the ecosystem.”
An NFT is a blockchain-based digital file that represents proof of ownership of a digital collectible, artwork, music track, virtual goods, or video clip.
JoePegs is focused on the operational side of the market, collaborating with merchants, artists and projects across the Avalanche ecosystem. Avalanche has grown to become the seventh largest NFT marketplace with sales volume of more than $400 million according to CruptoSlam data.
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