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FTX Raises $5 Million For Avalanche-Based NFT Marketplace Joepegs

FTX and Avalanche raised $5 million for the NFT marketplace Joepegs.Joepegs, launched in May 2022, generated $3.4 million in secondary NFT sales.Avalanche is the seventh-largest...
FTX Raises $5 Million For Avalanche-Based NFT Marketplace Joepegs FTX Raises $5 Million For Avalanche-Based NFT Marketplace Joepegs
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  • FTX and Avalanche raised $5 million for the NFT marketplace Joepegs.
  • Joepegs, launched in May 2022, generated $3.4 million in secondary NFT sales.
  • Avalanche is the seventh-largest blockchain in terms of NFT sales volume.

A series round led by FTX raised $5 million for NFT marketplace Joepegs on the Avalanche blockchain. Even though Sam Bankman-Fried’s cryptocurrency exchange FTX has now announced bankruptcy, its funded projects continue to post updates.

Joepegs’ founders who use the username Cryptofish and 0xMurloc have stated,

“The funding from FTX Ventures was completed in June, and have since been transferred out of FTX prior to recent bankruptcy events,”

Launched in May, the NFT marketplace has achieved rapid growth since. Generating $3.4 million in secondary NFT sales with over 12,000 active users on the platform, Joepegs is currently the largest NFT marketplace on the Avalanche ecosystem.

Moreover, Joe Studios which serves Joepegs as an in-house production unit, as well as an NFT launchpad shared that it has onboarded more than 50 projects across the Avalanche blockchain.

Joepegs’ co-founders have also powered Trader Joe which is a decentralized trading exchange on Avalanche. Since its launch in July 2021, the exchange has acquired over $88 billion in trading volume.

Cryptofish and 0xMurloc believe that NFT marketplaces are as good as the content in the ecosystem. Hence, to help users discover the best NFTs on the platform, the founders realized very quickly they have to invest in a lot more platform capabilities. They also mentioned that fundraising will be used to enable these capabilities.

In addition, Joepegs collaborates with projects, traders, and artists “across the ecosystem,” as reported by 0xMurloc.

In early 2022, Avalanche partnered with the leading NFT marketplace, OpenSea. According to data from CryptoSlam, the Avalanche blockchain produced $408.2 million in total sales, making it the seventh-largest blockchain as per NFT sales volume.

The post FTX Raises $5 Million For Avalanche-Based NFT Marketplace Joepegs appeared first on Coin Edition.

See original on CoinEdition

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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