FUEL, a Berlin-based tech company, announced today that it has raised €1.5 million for its no-code NFT platform for musicians and other creators. That is to say that NFT creators will be able to build their own custom NFT shops with no technical know-how by using Fuel.
FUEL NFT Platform aims to be “Shopify for NFTs”
Basically, Fuel is creating an NFT platform that will help NFT creators with a number of tools. Thus, creators on the platform will be able to launch, manage, sell and grow their NFT collections. And best of all, they’ll be able to do this all on the Fuel NFT platform without any coding or technical knowledge.
For this reason, the company describes itself as a “Shopify for NFTs”. Of course, Shopify is a major eCommerce platform that enables independent vendors to create their own online storefronts with ease. Interestingly, Shopify itself has actually shown interest in the NFT space for some time. Shopify CEO Tobias Lutke is even on Coinbase’s board of directors.
As for Fuel, its four co-founders see a lack of tools for NFT creators that their NFT platform is poised to address.
“Even though we see growing adoption, NFTs are still in an early phase. Currently, the barrier of entry for creators is very high. The market has outgrown the basic sales functionality of aggregation platforms like OpenSea, and creators need more tools to succeed in the next phase”, said Fuel co-founder Csongor Barabasi.
Clearly, while the company announced this big seed round today, they’ve stayed busy at work on the platform. To that end, co-founder Thanh Binh Tran notes that Fuel is already working with “Tomorrowland-DJs Mat.Joe and several other yet-to-be-announced top artists and labels, aiming to launch several NFT drops in the next couple of weeks”.
Fuel boasts a qualified team and high-profile backers
Besides Barabasi and Tran, Fuel also has Patrice Deckert and Stefan Tietze on the Berlin-based founding team. The four-person team boasts a wealth of experience in the tech world.
By the same token, some major industry names have invested in Fuel thus far. In particular, OpenSea backers Fintech Collective are among the investors in this seed round. The list also includes Sorare investors Seedcamp, and Notion Capital.
Clearly, these investors see the value in the NFT market that Tietze and Deckert spoke of in the press release for the announcement. The pair stated,
“Last year, $25bn worth of NFTs were traded globally, up from $95m in 2020, and artists like Steve Aoki, Nas, Grimes, and brands like Lamborghini entered the space. The art establishment also sees value in the space, with brokers like Sotheby’s entering the market.”
All things considered, Fuel is doing its part to help bring NFTs into the mainstream. In particular, its NFT platform will be a huge help to the NFT creators of tomorrow.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
FUEL, a Berlin-based tech company, announced today that it has raised €1.5 million for its no-code NFT platform for musicians and other creators. That is to say that NFT creators will be able to build their own custom NFT shops with no technical know-how by using Fuel.FUEL founders (L-R), Patrice Deckert, Thanh Binh Tran, Stefan Tietze and Csongor Barabasi. Credit: FUELFUEL NFT Platform aims to be “Shopify for NFTs”Basically, Fuel is creating an NFT platform that will help NFT creators with a number of tools. Thus, creators on the platform will be able to launch, manage, sell and grow their NFT collections. And best of all, they’ll be able to do this all on the Fuel NFT platform without any coding or technical knowledge.For this reason, the company describes itself as a “Shopify for NFTs”. Of course, Shopify is a major eCommerce platform that enables independent vendors to create their own online storefronts with ease. Interestingly, Shopify itself has actually shown interest in the NFT space for some time. Shopify CEO Tobias Lutke is even on Coinbase’s board of directors.As for Fuel, its four co-founders see a lack of tools for NFT creators that their NFT platform is poised to address.“Even though we see growing adoption, NFTs are still in an early phase. Currently, the barrier of entry for creators is very high. The market has outgrown the basic sales functionality of aggregation platforms like OpenSea, and creators need more tools to succeed in the next phase”, said Fuel co-founder Csongor Barabasi.Clearly, while the company announced this big seed round today, they’ve stayed busy at work on the platform. To that end, co-founder Thanh Binh Tran notes that Fuel is already working with “Tomorrowland-DJs Mat.Joe and several other yet-to-be-announced top artists and labels, aiming to launch several NFT drops in the next couple of weeks”.German musical duo Mat.Joe is one of the acts launching NFTs on the Fuel NFT platform in the coming weeks. Credit: Nicolas VölckerFuel boasts a qualified team and high-profile backersBesides Barabasi and Tran, Fuel also has Patrice Deckert and Stefan Tietze on the Berlin-based founding team. The four-person team boasts a wealth of experience in the tech world.By the same token, some major industry names have invested in Fuel thus far. In particular, OpenSea backers Fintech Collective are among the investors in this seed round. The list also includes Sorare investors Seedcamp, and Notion Capital.Clearly, these investors see the value in the NFT market that Tietze and Deckert spoke of in the press release for the announcement. The pair stated,“Last year, $25bn worth of NFTs were traded globally, up from $95m in 2020, and artists like Steve Aoki, Nas, Grimes, and brands like Lamborghini entered the space. The art establishment also sees value in the space, with brokers like Sotheby’s entering the market.”All things considered, Fuel is doing its part to help bring NFTs into the mainstream. In particular, its NFT platform will be a huge help to the NFT creators of tomorrow.Are you tired of missing important NFT drops?Just check out our NFT Calendar!Receive the biggest NFT news of the day & recommendations in our Daily newsletter. All of our news is being sent daily on TelegramWe summarize the biggest news daily on Twitter & Instagram Learn with video tutorials and subscribe to our Youtube Channel All investment/financial opinions expressed by NFTevening.com are not recommendations.This article is educational material.As always, make your own research prior to making any kind of investment.