Social NFT platform DeFine raises $5M from Asian investors

DeFine, a socially oriented nonfungible token platform, has raised $5 million in strategic investments as a part of a wider effort to onboard extra corporations to the NFT world.

The elevate was led by Huobi Ventures, eSports leisure firm Abyss and world recreation developer PearlAbyss, the corporate introduced Tuesday. A number of Asian blockchain funds additionally participated, together with Draper Dragon, NGC Ventures and SevenX Ventures.

“It’s my pleasure to have these main gaming and leisure corporations in Asia as strategic buyers,” mentioned Myoung Hoon Kang, DeFine’s world operations lead. “Strategic funding and partnership will permit us to collectively develop new market alternatives in varied sectors.”

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As a part of their strategic funding, buyers will obtain direct help from DeFine in connecting to the NFT market. The corporate has a lofty objective of changing into the most important NFT ecosystem in Asia. One among its core goals is to deliver NFTs to mainstream audiences, starting with the gaming and leisure industries.

DeFine describes itself as a social NFT platform for all sorts of creators, together with artists, musicians, players, influencers and athletes. Customers of the platform have NFT-based social profiles that mirror their contributions to the community and achievements.

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The sale of NFTs surged within the first half of 2021, reaching $2.5 billion, based on information from DappRadar. Gaming and leisure are two of essentially the most broadly cited use circumstances for NFTs. Enterprise funds have acknowledged this pattern and have poured hundreds of thousands of {dollars} into NFT-oriented startups this yr alone.