Aiming to become the ‘Shopify for NFTs’, Berlin-based technology company FUEL has raised €1.5 million. The pre-seed round saw the participation of investors, including NYC-based FintechCollective, London-based Seedcamp and Notion Capital with their pre-seed vehicle, Pioneers. Angels and experts, including Bitstamp CTO David Osojnik, Gumtree co-founder Michael Pennington and Indeed founder Paul Forster also joined the round.
Founded by Csongor Barabasi, Thanh Binh Tran, Stefan Tietze and Patrice Deckert, the platform aims to bring NFTs further into the mainstream - in the hands of millions of creators and their fans. Creators can now launch, manage and grow their NFT collection using a broad range of tools seamlessly integrated under the roof of the FUEL platform.
Talking about the potential of the segment, Stefan Tietze and Patrice Deckert, co-founders, FUEL, said: “Last year, $25 billion worth of NFTs were traded globally, up from $95 million in 2020, and artists like Steve Aoki, Nas, Grimes, and brands like Lamborghini entered the space. The art establishment also sees value in the space, with brokers like Sotheby’s entering the market.”
According to Csongor Barabasi, co-founder, FUEL, even though there has been a growing adoption, NFTs are still in an early phase. “Currently, the barrier of entry for creators is very high. The market has outgrown the basic sales functionality of aggregation platforms like OpenSea, and creators need more tools to succeed in the next phase,” he said.
Talking about the company’s plans in the near future, Thanh Binh Tran, co-founder, FUEL added: “The company is already working with “Tomorrowland-DJs Mat.Joe and several other yet-to-be-announced top artists and labels. We will launch several NFT drops in the next couple of weeks.”