China-focused NFT marketplace Cybertino raises $10m
A group of Chinese investors including Sky9 Capital, Ince Capital, and Draper Dragon have joined a $10 million round for non-fungible token (NFT) marketplace Cybertino Lab.
UpHonest Capital and Zoo Capital, an early-stage arm of Boyu Capital, also participated as did blockchain specialist Divergence Ventures, SNZ, and Hashed. They were joined by Hong Kong’s Animoca Brands, a game studio and NFT developer that raised $139 million this year at a valuation of $1 billion.
It marks rapidly growing interest among generalist investors in NFTs, which involve the use of blockchain to create individually distinct and uncopiable virtual properties. The technology is touted as creating a new paradigm for inclusion within crypto economies, as well as new platforms for branding, product development, and ticketing.
US-based and China-focused Cybertino was founded in March by a group of entrepreneurs including Wilson Wei, previously chairman of DLive, the first decentralized live-streaming platform for gamers. DLive had more than 30 million monthly active users when it was acquired by BitTorrent in early 2020.
Cybertino brands itself as the first community-focused NFT marketplace that supports social and utility-focused projects. It is said to be the first of its kind specifically designed for, and dedicated to, influencers and fandoms.
In August, the company launched what it calls the world’s first interactive NFT via a partnership with digital asset price-tracking website CoinMarketCap. This product is linked to the price of Bitcoin and is similar to a limited-edition NFT artwork in that it depicts an astronaut floating closer or further from the moon depending on the price of Bitcoin.
Cybertino and CoinMarketCap have also positioned the technology behind the NFT as a new kind of platform for personalizing experiences for other NFT holders. This is achieved through modification of underlying NFT design tools to allow for customizations such as text boxes, audio clips, live-streaming video, or changing the look of a virtual avatar.
Australia’s AlchemyNFT, which raised $6 million in July from mostly blockchain-focused VCs, is developing a similar product it calls a “remixing” platform. This technology allows the company to add embellishments and new usage rights to autographed NFT artworks and collectibles.
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