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Potential of NFTs

Potential of NFTs
March 10, 2021

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Non-fungible tokens or NFTs are seeing growing interest and going mainstream after the first fully-digital NFT artwork by Beeple was put on sale last month at the major auction house Christie’s. Meanwhile, American rock band Kings of Leon announced three perks in the form of NFTs, including a special album as well as exclusive audiovisual art. LeBron James’ shot sold for $74,000 on the booming NBA Top Shot platform. Twitter’s Jack Dorsey is testing out NFTs by selling his first tweet, and the highest bid is $2.5MM as of this writing.

What are NFTs? 
NFTs are unique tokens similar to cryptocurrency but represent digital assets such as artwork, music, gifs, and other forms of content. The logic behind it is that once you purchase it, the NFT is fully yours to own and control, just like a physical item. Although it’s easy to think that anybody could copy and save a piece of digital artwork on the internet, it is the long-lasting proof of ownership of the piece of artwork through the NFT ledger that is the icing on the cake for buyers. In real-life scenarios, it is equivalent to the intangible pride of owners of valuable artwork who allow their paintings to be displayed at museums for public viewing. 

What it means for artists
NFTs are a welcome new piece of technology for digital artists and creators because they can truly say each piece of artwork is one and only, authenticate artwork, and get paid the right prices for art without middlemen taking a significant portion of the selling price. 

Future potential
At the moment, NFTs mainly transact within the Ethereum blockchain, and platforms that aid the transaction including MakersPlace, Rarible, or Opensea, often charge high fees to transfer ownership. But it’s safe to say that the NFTs game is still early and the possibilities going forward are limitless. Not only are we likely to see more consumer-facing products paired with NFTs but also an abundance of marketplaces and showcase venues that will emerge to entice users to engage with NFTs.

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Since last week, PrivCo has added:
582 Companies | 210 Funding Activities | 138 M&A Deals

Funding & Deal Highlights:

Yugabyte raises $48MM led by Lightspeed Venture Partners
Cloud Software & Internet Services • Round C • Sunnyvale, CA

Volocopter raises €200.0MM 
Autonomous Vehicle Industrial Products • Round D • Bruchsal, Germany

Xendit raises $64.6MM led by Accel Partners
Fintech Software & Internet Services • Round B • Jakarta, Indonesia

Identiq raises $47MM co-led by Entree Capital and Insight Partners
Fintech Software & Internet Services • Round A • Tel Aviv, Israel

Flourish Savings raises $1.5MM
Consumer Finance • Seed • Berkeley, CA

Ecomedes raises $3.25MM
Manufacturing Software & Internet Services • Equity • San Francisco, CA

Harvest Hosts raises $37MM led by Stripes Group
Leisure Facilities Software & Internet Services • Equity • Vail, CO

OpenComp raises $4.6MM
Fintech Software & Internet Services • Seed • San Francisco, CA

Boom Technology raises equity led by American Express Ventures
Aerospace & Defense • Equity • Englewood, CO

Greenbriar Equity Group acquires Oil Changers 
Specialized Consumer Services • Acquisition • Menlo Park, CA

VipHomeLink acquires My Home Expert
Real Estate • Acquisition • Lake Forest, IL

CrowdStrike Holdings acquires Humio for $400MM
Cloud Software & Internet Services • Acquisition • San Francisco, CA

BrightSpring Health Services acquires Abode Healthcare
Health Care Services • Acquisition • Durango, CO

EverSource Wealth Advisors acquires Consider It Done
Investment Management & Financial Advisory • Acquisition • Toms River, NJ

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