The NFT Mojito development studio announced Friday that they have raised $ 20 million in seed funding from various investors, including internationally renowned auction house Sotheby's.
According to an announcement posted in Forbes, Sotheby's auction house in association with Future Perfect Ventures, Creative Artists Agency and NEA's Connect Ventures, contributed to the round to Mojito's estimated value of $ 100 million.
The Delaware-based start-up indicated that it will use this new injection of capital to grow and develop its engineering teams, make a better version of its current NFT platform and further develop its NFT trading and investment platforms.
The NFT market has seen its total monthly sales drop since the beginning of September, although the figures have hovered between $ 1.8 and $ 2.1 billion over the last month according to nonfungible.com. Total NFT market monthly sales hit an all-time high of $ 3.7 billion on September 4 after a steady increase in late July. $ 31 million of current total NFT market sales come from the sale of art-based assets.
Digital art markets like OpenSea also gained prominence during this time, 98 percent of market transactions until August 2021.
Art dealers and museums have caught on and are beginning to follow suit as they follow the apparent money in this new market. Both of them Sotheby's and Christie's auction houses have had several successful NFT auctions over the past year. Christie's was the first of the two to organize a worldwide auction of a NFT.
Mojito previously assisted Sotheby's in the development of its new NFT digital marketplace, known as Metaverse.
Entrepreneur and TV personality Kevin O'Leary, a longtime vocal opponent of cryptocurrency-based investments, recently set his belief that the NFT market would be bigger than Bitcoin during an interview on the Pomp podcast.
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