ClubNFT Closes $3 Mln Seed Funding Round to Protect NFT Collectors

ClubNFT, an NFT startup based in Massachusetts, has secured $3 million in seed funding to protect NFT collectors from financial risk via its next-gen platform.

The round was co-led by Galaxy Digital and Galaxy Interactive, with participation from Red Swan Ventures, CMT Digital, Sfermion, Draper Dragon, Richard Entrup, and other angel investors. The capital brings the total funding raised by the startup to $3.8 million. Richard Kim, General Partner at Galaxy Interactive, said about backing the startup:

“This market is sorely in need of infrastructure solutions for collectors to help them discover, protect and share their investments. The visionaries at ClubNFT are the ideal people to provide the needed foundation and help shape the future of the NFT industry.”

ClubNFT was founded by NFT Pioneer Jason Bailey to provide NFT collectors with the infrastructure necessary to ensure the safety of their NFT assets. The platform developed by the startup includes features such as search, analysis, backup, and recovery, removing the risks of losing the media files associated with their NFTs. Bailey, who is also the CEO of ClubNFT, referred to this mission by stating:

“ClubNFT will provide much-needed tools and solutions for the NFT collector community. As a first step, we want to solve a major problem: collectors are at the mercy of third parties in backing up their NFT media. So, we are providing a free, automated way for collectors to download the media associated with all their NFTs in a single click to ensure that their NFT investments are safe.”

With NFTs becoming an increasingly popular asset for people not familiar with the technology, misunderstandings on the nature of blockchain are becoming a problem. This can result in collectors losing access to the media data of their NFTs, reducing their value in the process. ClubNFT is changing this by providing a comprehensive platform that ensures the artwork survives the stand of time, keeping the value of the NFTs intact.