NFT Infrastructure Startup NFTPort Raises $26 Million in Series A

Non-fungible token (NFT) infrastructure startup NFTPort has raised $26 million in a Series A co-led by Taavet+Sten and Atomico, a European venture capital firm with $4 billion in assets under management. The funding will help scale the core product, which helps developers quickly launch NFT applications.

Other investors in the round included Filecoin creator Protocol Labs, Polygon co-founder Jaynti Kanani and Polkadot co-founder Jutta Steiner, among others.

"One of the core problem companies and developers face in building NFT products is a lack of proper infrastructure,"NFTPort CEO and co-founder Johannes Tammekänd said."Our infrastructure brings their goods to market down from months to days or even hours and saves them hundreds of thousands of dollars."

The funding will help Estonia-based NFTPort expand to new blockchains, add new functionality and scale up the team. The startup also plans to bring a decentralized NFT infrastructure protocol to market.

NFTPort infrastructure includes application programming interfaces (APIs) for data, minting and counterfeit detection. Data APIs provide access to NFT data from the Ethereum, Polygon and Solana blockchains. Minting APIs let developers deploy, manage and customize NFT smart contracts without writing any smart contract code. The counterfeit detection interface cross-checks that an NFT wasn't previously minted on any of the supported blockchains.

Developers already using NFTPort include Nifty Gateway, part of crypto exchange Gemini, and Protocol Labs.

Source: CoinDesk