Drops Closes In $1M Private Funding Round to Create New Value for NFTs
Public offering scheduled for Q2 2021
VILNIUS, Lithuania, May 5, 2021 /PRNewswire/ -- Drops, a groundbreaking project that unlocks additional value for non-fungible tokens (NFTs), announces the closure of around US $1 million from private investors. This funding round was led by Axia8 Ventures, Bitscale Capital, Blocksync, AU21, x21, D64, Genblock, and Drops Ventures. The successful round of funding builds on Drops' network of strategic partners which include Polkastarter, Quantstamp, 0xb1, Kyros Ventures, Zokyo, Petrock Capital and Blockstar Technologies. Drops will use the raised capital for development, marketing, operational expenses, and liquidity provision.
According to the Drops team, the company has a roadmap for 2021 which includes the development tools that enhance the value of NFTs. The team will build infrastructure for NFT owners to stake their owned NFTs to earn dPoints, tokens that can be used to acquire new NFTs on the Drops platform. Drops is also developing a dNFT protocol which will allow NFT owners to put their NFTs in a digital vault and convert them into ERC20 tokens that can be sold on decentralized exchanges. The dNFT infrastructure will also be the backbone for trustless NFT loan smart contracts and yield farming where NFTs can be used to supply to yield-farming protocols without the need to sell the original NFT.
Darius Kazlovskis, the founder of Drops, celebrated the closure of the private investment round in saying " This has demonstrated the tremendous support that Drops already has from the crypto community, which we are truly thankful for. We are extremely grateful and ready to revolutionize the NFT and DeFi space!"
Drops began building the platform earlier this year with strong community support and funds raised from over 120 private investors from the crypto community. Notable investors include major executives at the following crypto and blockchain establishments. Influencers like Michael Gu, or Boxmining, are also included in the long line of investors.
The individual investors of Drops include:
- Andrey Balyasnikov Head of Products at Zerion
- Richard Ma CEO of Quantstamp
- Michael Gu (a.k.a. Boxmining)
- Marc Weinstein Head of Platform at Mechanism
- Joseph Delong CTO of Sushi
- Ian from Blockparty and nft.org
- Ben Lakoff of Charged Particles
- Nick Sawinyh, builder of Defiprime and DexGuru
- Hartej Sawney of Zokyo
- Cooper Turley (a.k.a. Coopahtroopa)
- Sergei Chan of BlockScience
- Regan Bozman, formerly at Coinlist
Drops will hold an initial offering for the NFT and cryptocurrency communities in the second quarter of 2021. For more information about Drops, please visit https://www.drops.co/.
About Drops
From the same team that created the NFT game Node Runners, Drops is an NFT project focused on bringing scalability and utility to NFT assets. By bringing DeFi-style properties to NFT assets, users will finally be able to earn yield with and borrow against their NFTs. Drops NFT is a pioneer in providing loans, vaults, staking and yield farming for NFT owners and investors. They aim to enable digital creators to reach larger audiences and have their arts celebrated by a growing community. Drops offers gasless transactions and a smooth user interface by leveraging the Layer-2 platform Polygon and a cooperation with Biconomy, allowing equal participation for all.
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SOURCE Drops
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