Animoca Led An $8M Fundraising Round For Solana-Based NFT Platform

Animoca led an $8 million fundraising round for a Solana-based NFT platform Burnt Finance that will expectedly expand it and tap new partnerships with other Solana-based projects so let’s read further in our blockchain latest news.

Burnt Finance is a protocol built on Solana and now Animoca led an $8M funding round for it while also launching its own nonfungible token platform. The capital will go towards adding more staff and exploring partnerships with other artists and other Solana-based projects. Burnt Finance known for burning a piece of artwork from Banksy before selling a digitized version as an NFT, said that it also launched its  NFT marketplace that will feature auctions and will allow the users to mint and sell digital assets.

Other investors in the round included Multicoin Capital, Figment, Valor Capital, Alameda Research, Terra, Fantom, Spartan Capital, and HashKey. Alameda and Multicoin led the protocol’s $3 million fundraising in May and the Burnt Finance team that insists on anonymity noted:

“We are now looking to expand onto other chains such as Terra and Fantom while building out new functionalities that bridge the worlds of DeFi [decentralized finance] with NFTs.”

The team saw the demand for NFT continue to surge with the data from DappRader showing that the NFT market reached $22 billion last year.

As recently reported, Animoca Brands and Binance Smart Chains are launching a $200 million investment program to launch an early crypto-focused gaming project building on BSC. Both entities announced that they are co-investing up to $100 million each to support game projects in the GameFi sector. One of the largest blockchain ecosystems, BSC will be investigating from the $1 billion accelerator arm for Defi, NFT, and GameFi. The fund was set earlier this year to expand the BSC ecosystem services and to drive mainstream adoption across the fintech sector.

Animoca Brands subsidiary Lympo is an NFT platform that specializes in minting sports-related collectibles and it now lost $18 million due to a hack of its hot wallets. According to a Medium post that announced the breach of security, the team noted that it lost 165 milion LMT tokens after a hacker managed to gain access to the main operational wallet of the Lympo subsidiary. It added that 10 other projects that are collaborating with Lympo are both compromised in the attack. The hacker swapped the stolen tokens for ETH at Uniswap and sushiswap before sending them to an unidentified wallet after mixing them at a crypto mixer.