Mintbase Raises $1M Seed Round to Bring NFTs to NEAR Protocol

Lisbon-based NFT platform Mintbase has successfully raised $1 million in a seed funding round. The funding was led by Chinese venture capital firm Sino Global, with participation from D1 Ventures, Block Oracle Capital, Arweave, and angel investors. The objective of the funding is to help Mintbase differentiate itself from other NFT platforms by focusing on building the best minter and preparing for a testnet launch on NEAR Protocol by the end of the year.

Mintbase's CEO, Nate Geier, highlighted that their platform stands out by not limiting itself to a specific category of NFTs, unlike other marketplaces such as SuperRare, Rarible, or OpenSea. Geier mentioned that Mintbase attracts users who mint their NFTs on their platform but then trade them on other marketplaces like OpenSea. The funding will enable Mintbase to hire developers and designers and expand its presence on both Ethereum and NEAR Protocol. Geier also hinted at the possibility of introducing a governance token.

Mintbase initially launched as an NFT ticketing platform on Ethereum in 2019 but decided to expand to other networks, including NEAR Protocol, due to high gas costs. During the COVID-19 pandemic, Mintbase explored alternative use cases for NFTs and formed partnerships with projects like Arweave, a permanent storage network. Mintbase believes that with lower transaction fees and further development, the potential for NFTs is just beginning to be realized.

Sino Global Capital, one of the investors in the funding round, expressed support for Mintbase's vision and mentioned that their investment was not solely focused on acquiring a few NFTs for trading purposes. They believe in supporting Mintbase's vision with their network in China.

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