Drops, a project aiming to unlock additional value for non-fungible tokens (NFTs), has closed a USD1 million funding round from private investors.
The 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 decentralised 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, says: “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 revolutionise 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.
