840 Venture Partners, a recently-launched NYC-based venture capital fund focused on FinTech and Future of Work, has closed its debut investment in NFT platform Mintable. Backed by high-profile investors like Mark Cuban and Marc Benioff, Mintable is a marketplace for the digital economy of NFTs (non-fungible tokens). 840VP identified Mintable as a strong fit for its investment thesis due to its innovative transaction-enablement technology, exceptional early traction (including onboarding celebrities and brands such as Trevor Lawrence, BAPE, and Ben Baller), and established presence in a relatively “blue ocean.”
NFTs are unique, tokenized assets each representing a one-of-a-kind artistic work. To explain it in terms of physical art collecting: anyone can buy a Mona Lisa print, but only one person can own the original. An NFT can represent anything unique that requires provable ownership, from digital art, to video, writing, or music. With a few clicks and a credit card, Mintable users can create a unique digital virtual item and the item is immediately posted and verified on the Ethereum blockchain. Users are able to sell, buy, trade and create items all in one place. Mintable is similar to Etsy — but for digital creators.
“I believe we are just seeing the tip of the iceberg when it comes to NFT’s and their use cases. We aren’t even in the first inning when it comes to this ecosystem,” said 840VP General Partner Serge Milman. “I was blown away by the Mintable team and how much they have accomplished so quickly and thoroughly. I am extremely grateful to have the opportunity to work with founders like Zach and Jiawen on executing their vision.”
Virtual goods are nothing new, they are already a $50B+ market. Gamers buy, sell, trade and acquire in-game virtual goods in real life. This generation is used to digital goods, and Mintable made digital goods more accessible. Mintable is easy to use, creators and traders need no knowledge of cryptocurrencies or blockchain. Nothing needed besides a credit card to start on the platform. The company makes money on transaction fees, user-paid ads, and selling MINT tokens. Mintable has built in royalties on every creation, meaning the original owner and content creator can get paid in perpetuity. Every user will own a voting NFT called MINT that contains their voting power on it. Votes can be bought using Ethereum or received after every trade. Votes can be used on everything from platform upgrades, choosing featured artists for Super NFTs, changing fees, and changing the smart contracts. Whether to create, sell, trade, manage — Mintable is the perfect mix of Ebay, Etsy, and Robinhood for Web 3.0.
Mintable’s biggest edge over its competitors is its ease of use. They have passed the “mom test.” The founder’s mother set up and sold her NFT creation having no knowledge of what a blockchain is, nor having any previous crypto deposits at an exchange or cold wallet. The entire transaction took place on Mintable. The ease of access is not possible at any other NFT platform today. Mintable possesses an early-mover advantage having entered this market early. This sets up the potential for extremely high growth given the lack of competition and explosive market demand. Both digital creator and consumer awareness of NFTs is rapidly accelerating, positioning this type of token for mass adoption in the near future.
Mintable’s announcement of this capital raise.
Coindesk’s coverage can be found here.
About 840 Venture Partners:
840 Venture Partners is a NYC-based venture capital fund investing in early-stage FinTech and Future of Work. Leveraging over 13 years of venture experience in these verticals, the fund invests in seed and pre-Series A companies engaged in disruptive innovation. FinTech and FoW represent explosive sectors forming the foundation of the emergent Fourth Industrial Revolution: digital transactions and banking, big data, automation, and remote work. 840VP’s track record includes being among the first investors in FinTechs Petal (Peter Thiel's fund has led the most recent rounds; latest valuation: $350M) and Public.com (now valued at $1.2B and backed by major VC's such as Accel and Greycroft). 840VP’s extensive network in industry and investing provides access to high-quality off-market deal flow and enables the firm to offer portfolio companies institutional-quality support.
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