Wednesday, May 29, 2024

Pixel Vault secured a $100 million funding for its NFT development.

The NFT sector is expanding at a phenomenal rate. Pixel Vault, a new development platform, had garnered $100 million in funds from investment companies such as 01A and Velvet Sea Ventures. This platform is slated to become a multi-franchise platform and will help collectors and creators buy and own available digital content.

Every Pixel Vault project is constructed using the Web3’s key and core principles – decentralized governance, community empowerment and ownership that is truly digital. This statement was issued by the CEO and founder, Sean Gearin.

In May 2021, Pixel Vault went live and released digital and real characters, which are part of the CryptoPunks comic books projects. The company owns an extensive collection of NFTs consisting of villains and superheroes. Pixel Vault hopes to create an enterprise that is on the scale of a studio and decentralized. The company also created Metahero Universe, a gaming and social platform.

The funding garnered by Pixel Vault will go towards supporting the development of multiple projects for TV, video games and movies. Other funding transactions helped generate close to 100,000 ETH for Pixel ( $286 million based on current market prices).

According to Michael Lazerow, a partner with Velvet Sea, the product is intellectual property and PV will build it in partnership with a community of engaged and avid collectors. Michael Lazerow, who will be joining PV’s Board of Directors, is a proud member of this group of collectors.

O1A, the investment partner in this venture, is a VC firm started by Dick Costolo, the former CEO of Twitter. The other founding member of this firm is Adam Bain, ex COO of Twitter.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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