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How the $35 million Fractal Fundraise Could Shake Up the NFT Industry (Op-Ed)

Fractal, the NFT marketplace for video games founded by Twitch co-founder Justin Kan debuted last December, announced a $35 million seed financing on Friday. The round was led by Paradigm and Multicoin.

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#nft #nfthours #fractal #funding #millions

On April 1, the news was made, and it was no joke. The amount raised was USD 35 million. “Yeah, I developed Twitch; it has millions of users & gaming NFTs are considerably bigger,” Justin Kan tweeted last month, hinting at what was to come for Fractal.

According to Kan in an interview with GamesBeat, Fractal announced the opening of the NFT marketplace ten days before it went online on December 30 last year. By the time it went live, the Fractal Discord had gained almost 107,000 followers.

Paradigm and Multicoin Lead $35M Seed Round

Andreeson Horowitz, Solana Ventures, Coinbase, Animoca Brands, Play Ventures, Position Ventures, Zynga founder Mark Pincus, Crossover, Shrug Capital, TerraForm CEO Do Kwon, Tim Ferriss, and the creators of Ramp, among others, participated in the round.

On the other hand, Kan turned to Twitter to warn Fractal and NFT stakeholders and any interested start-up entrepreneurs that “it’s not the size of your seed round, it’s what you do with it.” It’s a necessary caution for both crypto-investors and companies as the crypto industry blooms with echoes of NASDAQ in the late 1990s.

Here’s what Kan says Fractal is working on now that the company has received a fresh infusion of private funding three months after launching:

“Crypto never sleeps. We’re building stuff super fast, very product-driven, it feels like we’re defining how value’s going to be created on the Internet again. So if you haven’t been following along, Fractal is a marketplace for people to buy and sell and discover gaming NFTs. We’ve been hard at work at it for the last three months. It has been going pretty well. We’ve been working with a lot of gaming partners to drop sold out NFT collections, and we have a ton more in the pipeline…”

A press release from Fractal Friday specifies further:

“Fractal is building a trust layer in the web3 gaming ecosystem. NFT marketplaces are still the wild west right now, with many teams failing to deliver on their promises. We are working with the best AAA gaming studios with large communities to bring the coolest game experiences to players.”

He believes that blockchain assets will enable a more significant transformation in online gaming over the next decade than the Twitch platform did. By powering its NFT marketplace for blockchain-supported digital gaming assets, Kan has set a lofty target of enrolling 100 million bitcoin users.

Will the Solana-powered Fractal make as much of an impact in NFTs as OpenSea did?

The Solana blockchain powers Fractal, a third-generation blockchain that uses proof of stake (POS) to qualify nodes for validating and securing network activity. A trustless peer-to-peer (P2P) network gives it a high degree of scalability and the ability to manage a massive volume of transactions. Solana refers to its patented PoS mechanism as proof of history (PoH).

Solana’s super-fast blockchain network, according to Protocol’s Tomio Geron, needs a killer app to penetrate the public, and Fractal’s NFT marketplace could be that app. Quality is the key to success in this pursuit. According to Dean Takahashi of VentureBeat, Kan says Fractal meticulously evaluates applications from web3 games, with only 5% of applications for their tokens to market on its NFT clearinghouse being accepted.

House of Sparta (real-time strategy), Tiny Colony (multimode), Yaku (racing), and Cinder and Nekoverse are among the titles currently offering NFTs on Fractal (MMO RPG).

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To accelerate ecosystem growth, Fireblocks introduces Web3 Engine with developer tools

This set of tools is intended for developers working on DeFi, GameFi, and NFT products and services.

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Fireblocks, a digital assets custody platform, announced the debut of their new Web3 Engine to assist encourage the development of the Web3 ecosystem as the world moves closer to a decentralized future.

The dedicated Web3 engine contains a set of tools for developers to create goods and services in decentralized finance (DeFi), GameFi, and nonfungible currencies, the business revealed on Tuesday (NFT). For alternative asset managers and capital market participants, Fireblocks has opened up a world of decentralized programs (DApps), exchanges, NFT markets, and more.

“Web3 is the future,” Fireblocks CEO Michael Shaulov said, adding that “the Internet has already entered a new era.” According to Shaulov, in order for the Web3 ecosystem to continue to grow, the community must address a major issue: security.

Fireblocks’ new Web3 Engine, according to the announcement, makes it simple for developers to build DApps on top of Fireblocks’ tech stack or securely access the entire spectrum of current web3 apps. Web3 companies such as Animoca, Stardust, MoonPay, Xternity Games, Griffin Gaming, Wirex, Celsius, and Utopian Labs use Fireblocks to secure themselves from human mistake and hackers.

Web3 has sparked a lot of interest in the sector, as evidenced by the rise in market capitalization of Web3 coins in recent years. It’s an ecosystem that everyone can access from anywhere at any time, with no restrictions or middlemen. Many large corporations have made considerable investments in Web3’s potential.

Google Cloud has formed an internal team focused to developing services for blockchain developers and Web3-based application operators. With Metaverse involvement and NFT enthusiasm, industry titans like Meta and Amazon have entered the market. Square Enix, the gaming behemoth, recently announced that it would spend heavily in Web3 gaming.

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Is Fender quietly getting ready to enter the NFT market?

In order to preserve or launch its brand in web3, Fender has filed various NFT-related patents and trademark applications in the United States.

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Fender, a well-known guitar manufacturer, has filed three patents related to NFT with the US Patent and Trademark Office.

When it comes to developing, selling, or buying NFTs with the Fender brand name, the patents would suggest a purpose to make or protect its brand.

Fender filed a series of trademark applications linked to its headstock design in possible NFTs, according to GuitarWorld, including NFT collectibles, virtual products, pictures, artwork, video, and audio recordings featuring music and musical instruments.

Mike Kondoudis, a trademark attorney, noticed the application to the US Patent and Trademark Office, which was filed on April 28.

Source: Twitter

Fender isn’t the first guitar company to think about using NFTs. Billboard reported in January that Gibson, the legendary guitar brand and Fender rival, was preparing to join the NFT industry with six trademark applications connected to NFTs and digital goods.

Big brands, from Adidas to Gucci, have been fast to experiment with NFTs and the Metaverse as two new distribution channels. They’re still figuring out where they belong in the virtual worlds.

NFTs are being used by musicians to reinvent fan involvement

NFTs and the Metaverse are being used by many established bands and brands to redefine how they communicate with fans. Additionally, musicians that rely significantly on in-person concerts as a fundamental income source will find the revenue streams and royalties available by the sale of NFTs appealing.

Music producers and platforms such as Audius, DAOrecords, and TokenTraxx are collaborating with musicians to demonstrate the possibilities of Web3 technology and allow fans to be creative using NFTs.

As famous guitarists get involved in the NFT realm, guitar brands are naturally interested. Keith Richards sold one of his beloved guitars with an exclusive 1-of-1 Tezos blockchain NFT produced for $57,600 in January of this year. The guitar, as well as a digital replica in the shape of an NFT and a video of Richards signing the guitar, were all up for auction.

Since the beginning of the year, the number of NFT trademark applications has increased dramatically, with 3,306 applications filed between January and April.

Source: Twiter

Despite the applications, Fender has yet to reveal its plans for NFT.

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According to Music Ally, Spotify has begun testing NFTs on its platform

If a trial deployment goes well, artists may soon be allowed to market their non-fungible tokens (NFTs) on Spotify, according to Music Ally.

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Spotify, the most recent tech business to join the NFT bandwagon, entered the web3 world earlier this month with the introduction of “Spotify Island” on Roblox on May 3. Spotify will now test NFTs on the platform to specifically selected US consumers, starting with a single trial selection of artists, including Steve Aoki and The Wombats.

Users will have to purchase NFTs through an external marketplace, thus they won’t be able to sell them directly. As part of the trial, Spotify has stated that it will not take a portion of the sales.

Simultaneously, customers have stated that Spotify is sending out surveys and even paying some people to talk to team members about their feelings regarding NFTs and web3. Questions concerning sentiment, cryptocurrency purchases, and why people acquired NFTs have been circulated on Twitter. Some poster responded with mockery to the queries.

Since March, when Spotify placed two job offers for working on early-stage web3 projects, rumors have circulated that the firm was interested in entering the web3. The announcement comes only days after Meta revealed that it would begin testing digital collectibles and NFTs on Instagram as well.

By the time of publication, Spotify had not responded to a request for comment from The Block.

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