Mark Cuban-backed Singapore NFT startup Mintable closes seed round

SINGAPORE non-fungible token (NFT) marketplace platform Mintable has announced the closure of its undisclosed seed round, weeks after its backing from billionaire investor Mark Cuban.

Investors that participated in this round include Singaporean corporate leader Koh Boon Hwee's CRC Capital, Time Ventures, Sound Ventures, Defiance Capital, Defi Alliance and Lunex Ventures.

Following the fundraise, Mintable said that it is well-positioned to spearhead the movement of NFTs going mainstream in 2021.

Said founder and chief executive officer of Mintable, Zach Burks: "The interest in NFTs has been surging in recent months even though they have been around for a while. The reason they had never really taken off is because of the upfront cost or fee of minting an asset - which are known as gas fees. Mintable's gas-free minting option allows the everyday person to get involved without any prior knowledge in coding or upfront cost of minting an asset."

Over the last month, over 150,000 NFTs have been created and listed for sale using Mintable's gas-free minting option, the startup said in a statement. It also noted increased interest in its page, as the last month generated over 150 million page requests, it added.

Mintable was launched in 2018 as an NFT marketplace built on the blockchain to enable creators and artists to monetise their work while ensuring that consumers can purchase goods with assurance of their authenticity backed by the blockchain.