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 Sotheby's.
According to Forbes’ release, 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.
According to nonfungible.com, 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 marketplace, 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 Sotheby’s and Christie’s auction houses held a series of successful NFT auctions.
Christie’s was the first of the two to organize an NFT worldwide auction.
Mojito already assisted Sotheby’s in the creation of Metaverse, 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 revealed his opinion that the NFT market will surpass Bitcoin.