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HomeOpenseaOpenSea Backs Latin American NFT Marketplace Minteo in $4.3M Raise

OpenSea Backs Latin American NFT Marketplace Minteo in $4.3M Raise

Quick take:

  • OpenSea Ventures has invested in Minteo.
  • Latin America’s NFT Marketplace has raised $4.3 million in a seed round backed by Fabric Ventures, Dune Ventures, CMT Digital and others.
  • The web3 startup capitalizes on the region’s rapidly growing appetite for non-fungible tokens.

OpenSea invests in Minteo. His NFT marketplace in Latin America has raised $4.3 million in a seed round. It was joined by OpenSea Ventures, the world’s largest venture company. NFT Marketplace.

Funding includes Fabric Ventures, an open economy-focused venture firm, Dune Ventures, a VC investing in the creator economy, CMT Group’s crypto-centric venture fund (CMT Digital), Impatient VC, Susquehanna Private Equity Investments, and SevenX. Ventures, FJ Labs, Big Brain Holdings, G20 Ventures, Alliance DAO, Zero Knowledge, multiple angel investors, TechCrunch reported.

web3 startup is Non-Fungible Token (NFT) regional.

NFTs are digital representations of music tracks, JPEGs, artwork, collectibles, or video clips stored on the blockchain. Since the beginning of 2021, NFTs have taken the cryptocurrency market by storm, becoming one of the most popular buzzwords in the digital economy.

As a result, celebrities, brands, and even government agencies have launched products to tap into the burgeoning segment of the crypto market.

Europe, Asia and North America were early adopters. But now the rest of the world seems to be catching up fast. His $4.3 million seed round for his Minteo in Latin America shows the growth rate of the industry in the region.

And as the web3 startup prepares to accelerate the development of its platform following its seed round, some early investors will be encouraged by the fact that it is the world’s largest NFT marketplace. high seas I am one of the supporters. If your plan is to dominate her NFT market in Latin America, there is no better support than getting help from a global market leader.

From the perspective of Minteo CMO William Durán, the LATAM-based NFT platform is not a direct competitor to OpenSea. The Minteo co-founder told TechCrunch:

A mentor and investor at Cube Ventures, a leader and investor at Cube Ventures, said:

The company believes its focus on infrastructure is a key differentiator from LATAM-based NFT platforms. Additionally, Minteo hopes to focus on local talent and brands to drive community building, said company CEO Santiago Rodríguez.

Prior to co-founding Minteo, Rodriguez co-founded Vlipco, a fintech startup focused on financial payment experiences. The startup was acquired in November 2021 by NYSE-listed Colombian financial service Bancolombian for 10.52 billion Colombian pesos.

“In Latin America we are all fun, we are great dancers, we love music and the arts. At that time, it is the cultural community that is taking off so far with the NFT, a great cultural opportunity for Latin America. “But right now it’s hard to get hold of cryptocurrencies in the first place…a lot of exchanges don’t work very well, only very technical people uses it, and outside the technical world it is currently of limited use.”

The funding announcement comes at a time when web3 venture capital’s funding has slowed compared to the previous month.

According to the CrunchBase tracker, web3 has raised approximately $719 million in Q3 2022 funding. Based on these numbers, web3 startups could raise less than $1 billion in a quarter for the first time since Q1 2020.

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