Mojito, an NFT development studio, announced on Friday that they had raised $20 million in seed funding from a variety of partners including the internationally renowned auction house <a href="https://www.sothebys.com/en/?locale=en" target="_blank" rel="nofollow noopener">Sotheby's</a>.
<h2>Sotheby's Supports Mojito Raise $20 Million in Seed Funding</h2>
According to Forbes’ <a href="https://www.forbes.com/sites/isabelcontreras/2021/10/21/sothebys-makes-first-crypto-investment-backing-nft-startup-using-ethereum-blockchain/?sh=45c9b3303d82" target="_blank" rel="nofollow noopener">release</a>, Sotheby’s auction house in collaboration with Future Perfect Ventures, Creative Artists Agency, and NEA’s Connect Ventures, participated in the round valued at $100 million.  

The Delaware-based start-up stated that it will utilize the extra funding to expand and enhance its technical teams, create an improved version of its current NFT platform, and further develop its NFT trading and investing platforms.
<h2>The NFT Market Surpasses An All-time High</h2>
According to <a href="https://nonfungible.com/market/history#!" target="_blank" rel="nofollow noopener">nonfungible.com</a>, the NFT market's total monthly sales have been declining since early September, but have remained stable at between $1.8 and $2.1 billion in the previous month. 

After a steady climb in late July, total monthly sales in the NFT market reached an all-time high of $3.7 billion on September 4. 

The selling of art-based assets accounts for $31 million of the current total NFT market sales.

OpenSea, a digital art <a href="https://www.cryptoknowmics.com/news/ftx-us-aims-to-compete-with-opensea-will-mint-first-nfts-with-solana-and-later-ethereum/">marketplace</a>, rose to popularity during this period as well, apparently hosting 98% of the market's transactions until August 2021.

Art dealers and institutions have taken note and are starting to follow the money in the new market. Last year, both <a href="https://www.sothebys.com/en/articles/17-million-realized-in-sothebys-first-nft-sale-with-digital-creator-pak" target="_blank" rel="nofollow noopener">Sotheby’s</a> and Christie’s auction houses held a series of successful NFT auctions. 

<a href="https://www.christies.com/en/lot/lot-6283759" target="_blank" rel="nofollow noopener">Christie’s </a>was the first of the two to organize an NFT worldwide auction. 

Mojito already assisted Sotheby’s in the creation of<a href="https://www.cryptoknowmics.com/news/galaxy-interactive-raises-an-additional-325-million-for-metaverse-and-next-gen-gaming/"> Metaverse</a>, their innovative digital NFT marketplace. 

During an interview on the Pomp podcast, businessman and TV personality Kevin O'Leary, a former loud opponent of cryptocurrency-based investments, recently <a href="https://podimo.com/en/shows/22e4f751-be42-401a-9ea8-7a18139a91e6/episode/299a6094-9b0e-4e57-948b-56295c8d44df" target="_blank" rel="nofollow noopener">revealed </a>his opinion that the NFT market will surpass Bitcoin.

Mojito, an NFT Studio, Raises $20 Million in Seed Funding With Sotheby's Support

Mojito announced on Friday about raising $20 million in seed funding from various partners including the internationally renowned auction house Sotheby's.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Mojito, an NFT Studio, Raises $20 Million in Seed Funding With Sotheby's Support

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