Bitski, which builds customized NFT storefronts for manufacturers and creators, raises $19M Sequence A led by a16z and others together with Jay-Z, MrBeast, and Serena Williams — Bitski, an SF-based startup that builds customized NFT storefronts for manufacturers and creators, is banking on the latter, they usually have new buyers betting the identical.
In order to become the ‘Shopify for NFTs’, Bitski raises $19 million from a16z.
There is an acolyte for every crypto-skeptic who sees NFTs as just another hype bubble on the horizon, whereas there is another crypto-skeptic who sees NFTs as the key to unlocking the future of the creative web.
Bitski, a company based in SF that builds NFT storefronts for brands and content creators, is betting heavily on the latter, and they’ve attracted new investors along with them to the cause. According to TechCrunch, the startup has raised $19 million from Andreessen Horowitz as part of its Series A round of funding. Founded in 2010, the startup is backed by a host of creators and celebrities, including Jay Z, MrBeast, 3LAU, as well as Kindred Ventures, Galaxy Digital and a host of other investors.
It has been a busy couple of months for NFTs, riding a wave of investor hype and billions of dollars worth of transactions in the past several months, which has resulted in an awfully crowded market. Despite the fact that high-dollar artworks sold by artists such as Beeple and exclusive crypto communities such as CryptoPunks have generated a lot of activity, Bitski’s founders believe that these blockchain-backed digital goods will lead to a huge change in how artists, influencers, and brands monetize their online popularity in the near future.
As Bitski aims to provide mainstream brands and celebrities with an alternative to the crypto complexity of early marketplaces, they hope to provide early partner Adidas with a way to access the NFT world in a way that is more approachable to consumers who comprehend digital items, but may not be fully invested in crypto. Rather than forcing users to buy from a wide range of marketplaces, the startup offers creators a range of subscription plans that power customizable NFT storefronts that they can use to sell their products as their own channel instead of pushing them to other platforms.
In the world of NFT platforms, there is no shortage of arguments between developers and users about which elements of the platform should be based on blockchain, and which should default to more traditional e-commerce flows that have been honed over time. When it comes to user familiarity, Bitski often errs on the side of convenience, allowing credit card purchases on the platform, providing a forget your password feature, and hosting wallets for users on Bitski’s own server hardware. As controversial onboarding options, they are unlikely to satisfy crypto purists and decentralization advocates, but they are likely to help new users get acquainted with NFTs in a short period of time.