With a fresh investment of $20 million (approximately Rs 150 crore), Mojito, a tech-suite that enables the creation of the NFT marketplace, has now reached a total valuation of $100 million (approximately Rs 747 crore). NFTs or non-fungible tokens are digital collectibles that are traded in cryptocurrencies in dedicated markets. Renowned auction house Sotheby’s has emerged as a major investor in Mojito. The development isn’t too surprising after the auction house announced that its new platform, called Sotheby’s Metaverse, was powered by Mojito.
Born from a marketing firm called Serotonin, Mojito identifies itself as the “NFT Commerce Suite.” Basically, it is the underlying technology that provides the basis for online marketplaces where NFTs can be business.
“NFT Commerce Suite and this means that we have built, or are manufacturing, all the tools and products that require a brand or a right holder to sell. NFT. So Mojito is the underlying technology to power Sotheby’s MetaverseMojito co-founder Amanda Cassatt said in a statement.
Mojito’s system will enable visitors to view digital artifacts available at Sotheby’s auctions as NFTs. It will also provide information about collectors and their creators.
Given the rapidly growing popularity of the NFT space in recent times, Mojito plans to further enhance its technology and engineering verticals with this new capital inflow.
According to data from Market Tracker, the sales volume of NFTs grew to $10.7 billion (about Rs 79,820 crore) in the third quarter of 2021, an increase of 8 times from the previous quarter. DappRadar.
The rising sales and steep prices of NFTs – commodities that do not exist physically – have baffled many, but the manifold growth is not showing any depreciation.
On the largest NFT marketplace, open seaSales volume reached $3.4 billion (about Rs 25,320 crore) in August and remained strong in September when global stock markets faltered.
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