NIFTEX Raises $500k Seed Round Led by 1kx
Niftex.com, the global #1 platform for fractional ownership of Non-Fungible Tokens (NFTs), is proud to announce a raise of $500,000 USD led by 1kx and joined by CoinFund, Sparq Ventures, Digital Currency Group, MetaCartel Ventures and others to further advance NFT markets and applications.
SINGAPORE, Nov. 3, 2020 /PRNewswire-PRWeb/ -- Niftex.com, the global #1 platform for fractional ownership of Non-Fungible Tokens (NFTs), is proud to announce a raise of $500,000 USD led by 1kx and joined by CoinFund, Sparq Ventures, Digital Currency Group, MetaCartel Ventures and others to further advance NFT markets and applications. Since the launch of its Alpha five months ago, NIFTEX has generated more than $1,800,000 in volume (4,000+ ETH) for its novel NFT fraction markets, demonstrating clear demand for greater liquidity and market efficiency for tokens representing scarce digital assets.
Trading NFTs is far from frictionless due to their nature. Because each single NFT is unique the acquisition and resale of NFTs is fraught with execution risk and opportunity cost and a far cry from the efficiency of fungible markets. The NIFTEX thesis is that fractional ownership of NFTs represents a vast upgrade that extends beyond markets to the entire non-fungible space.
The Fractional Future
Allowing parts of an NFT to be sold and traded frees up liquidity for owners and democratizes access to valuable assets across all participants in the NFT space. Fractionalization also introduces live valuations for NFTs, whereas before only historical trades and personal expertise could provide an indication of worth. Fungibility allows NFT markets to scale up in efficiency and invite more interest across the space, benefiting growth and development.
Fractions furthermore enable multi party governance of NFTs, hinting at a future where iconic or revenue-generating assets can be managed by a diverse group of stakeholders in a fully decentralized context. As a pioneer in this space, NIFTEX is in a prime position to steward and evolve fractionalization into a native extension to the NFT standard. This will lead to greater efficiency in the NFT markets and more opportunities for involvement for stakeholders, in turn encouraging capital inflow and further development of non-fungible infrastructure.
Seed Round
Lasse Clausen, founding partner at 1kx, commented: "NFTs are entering a phase of interesting experimentation beyond their basic use cases, becoming a platform for permissionless innovation and unlocking killer uses that we cannot even imagine yet. We believe that NIFTEX and the fractionalisation of NFTs will likely unlock an entire area of whitespace for experimentation and composability of NFTs with DeFi and the rest of Web 3."
Jake Brukhman, founder and CEO at CoinFund: "At CoinFund, we view nonfungible tokens (NFTs) as a new financial asset class. We can think of NFTs as liquid property rights for digital content, and in the future this tokenization extends to nonfungible financial assets as well as real-world physical goods. NIFTEX is one of the first companies to explore the financialization of the NFT space through fractionalization, liquidity, indices, and beyond. We are very excited to support their efforts."
"With NFT's, digital scarcity is here, and it's here to stay. Just like we buy and sell fractions of companies and real-estate, so can we buy and sell fractions of digital assets. It's a wonky idea at first, but the longer you think about it, the more it makes sense." said Larry Sukernik, who manages investments at Digital Currency Group.
Coming Soon
Encouraged by the success of NIFTEX, the team has begun designing a second version that will build on the strengths of the current concept and move toward a fully decentralized form. The launch of the new platform, featuring a three-pronged strategy to fulfill the NIFTEX vision, is expected for Q1 2021. More information to follow soon.
SOURCE NIFTEX
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