Blockchain-based non-fungible token (NFT) protocol Upshot on closed a $22 million Series A2 fundraising round that it will use for additional research and development of its NFT pricing models and to add more employees, according to a company press release on Tuesday (March 22).
Upshot will also use the fresh capital to fund its decentralized finance (DeFi) x NFT offering and to create new developer tools to allow others to build their own DeFi x NFT systems.
Upshot, a protocol that provides non-fungible token (NFT) appraisals, has raised $22 million in a Series A2 funding round led by Polychain Capital,
Evaluating the value of an NFT is a complicated task because the answer is essentially “what someone is willing to pay.” Pricing data, however, is important to have both as a potential NFT trader and for developers exploring the intersection of decentralized finance (DeFi) and NFTs.
“This past year has been one of explosive growth for NFTs, but the inefficient pricing mechanisms for these new assets has significantly limited their potential,” said Upshot Co-founder and CEO Nick Emmons in the company press release. “During that time period, we’ve been working tirelessly to build the best pricing models in the NFT space.”
“We’re incredibly excited to partner with Polychain, one of the premiere crypto funds, as we embark on this next wave of development. With this fundraising round, we’ll be aggressively expanding our team, continuing to improve our industry-leading pricing models, and building out a suite of novel, exotic new primitives at the intersection of DeFi and NFTs,” he said.