Interesting funding alert- An NFT startup announced funding of USD 1 million
Another upcoming and trending topic nowadays is NFT. NFT which stands for Non-Fungible Token is the representation of assets that represent real-world art like music, art, videos. NFT has bought a storm in the world of technology.
Let us talk about NFT. NFT represents the interchangeable source of data that is stored in a blockchain, in the form of a digital ledger. The data units stored in the NFT units are digital files like photos, videos, and audio. NFT is different from blockchain cryptocurrencies because each token has a unique identification.
There is no restriction on the sharing or copying of the digital files that are inside the NFT and even does not prevent the creation of NFTs with similar and identical associated files. NFT has become a source of great investment nowadays.
Talking about whether an investment in NFT is profitable or not, it wholly depends on how long the asset is kept plus the luck which plays a big role in the investments. But analyzing the data and the tradition, NFT is a good source of investment overall.
In the year 2021, our country saw many big names in the industry launching their own NFTs, by launching their own digital collections and having made huge investments in them. Some of the big names who have launched their digital tokens in the year 2021 are Amitabh Bachchan, Kamal Hassan, Salman Khan, Rohit Sharma, Yuvraj Singh, Manish Malhotra, and many others.
Let us now talk about the funding of an NFT startup that has taken place recently and has been covering the front pages of many papers.
Announcement of funding of an NFT startup
The startup, Diginoor, has raised funds worth USD 1 million, which is equivalent to around INR 7 crore, as announced on January 19, 2022. This round of funding that has taken place was the Seed round of funding and was led by Kunal Shah, who is the founder of CRED. The other participants who took place in this round of funding were Contrary Capital, Polygon Fund, Sandeep Nailwal, Abdul Wahab Al- Halabi, who is the MD at Embassy Capital, and many others.
The startup has plans to use the funds raised in hiring a team across various functions and departments. The startup also is planning to look carefully and deeply into the growth of the platform. The startup also has plans to enter into the world of content in the Indian media industry, which is famous for its huge and widespread content.
About the NFT startup that has recently announced its funding
The startup, Diginoor, was founded in the year 2021 by two teenage entrepreneurs Shaamil Karim and Yash Rathod, and is headquartered in Chennai, Tamil Nadu. The startup is a diverse and secure digital marketplace where one can buy, own, and sell digital art from Indian cinema.
One of the most impactful dialogues, scenes, and beautiful Digital arts as NFTs with just the click of a button. The startup has teamed up with the biggest names in Indian cinema from Bollywood to Kollywood. All NFTs and digital arts on the platform of the startup are created with the blessings and approval of all the parties involved. The startup is in a way bringing a revolution in the cinema fandom with its partners involved onboard every step of the way.
Owning NFTs is a lot like owning stocks, with lesser risks and more visual appeal. Investors can watch their NFTs grow in value and choose to sell them in order to make high returns. Built on the polygon network, the NFTs and Digital Arts are hosted and protected with the best security. This thus makes it the perfect opportunity to invest and grow.
The partners of the startup are the largest and the oldest production houses of the country like AVM Productions, Reliance Entertainment, and many other big studios. The platform of the startup also gives the opportunity to purchase NFTs using debit and credit cards.
The startup has already sold out its first collection of NFT from the movie Shivaji, in which the mega actor Rajinikanth plays his role. The startup has also launched NFTs from Chandramukhi and Kabali, and even some famous songs of the legend AR Rahman and even the metaverse versions of the movie set.
About Kunal Shah
Born on May 20, 1983, Kunal Shah is most famously known as the founder of CRED. Born in Mumbai, Maharashtra, Kunal Shah is a graduate of arts from the Wilson College, Mumbai. Post this he joined the famous SVKM’s Narsee Monjee Institute of Management Studies, Mumbai for the MBA program. He did not complete his MBA and left it in between. He has been an advisor at Sequoia Capital, has invested in multiple companies, and then in April 2018, he founded CRED in Bengaluru.
Kunal Shah has been the recipient of Fortune 40 under 40, Economic Times 40 under 40, and Comeback Award by The Economic Times. He has huge skills in Team Management, Startups, E-Commerce, Business Development, Market research, CRM, Online Advertising, Product Development, Competitive Analysis, Strategic Planning, SEM, Business Analysis, Professional Mentoring, Affiliate Marketing, User Experience, and many others. He is thus a huge deal in one package with a lot of experience.
What has been said about the deal of funding of an NFT startup
Yash Rathod, the co-founder of the startup, said that the startup is in the market to build the web 3.0 revolution, through cinema and gaming. He then said that the startup is building exciting projects using NFTs and decentralized gaming. He then said that it is the correct time to build a technology that belongs to India, has a cutting edge, and can compete on a global scale.
The startup is definitely bringing a change in the market of investments. We wish the startup a bit of good luck and hope that it is able to bring investments and cinema together, which will be highly appreciated by the people of the country. We also wish the startup a successful and lucky future ahead!
Edited and published by Ashlyn