Drops, a Vilnius, Lithuania-based project that surfaces additional value for non-fungible tokens (NFTs), closed an approx. US $1m in funding.
The round was led by Axia8 Ventures, Bitscale Capital, Blocksync, AU21, x21, D64, Genblock, and Drops Ventures, as well as individual investors:
- Andrey Balyasnikov Head of Products at Zerion
- Richard Ma CEO of Quantstamp
- Michael Gu (a.k.a. Boxmining)
- Marc Weinstein Head of Platform at Mechanism
- Joseph Delong CTO of Sushi
- Ian from Blockparty and nft.org
- Ben Lakoff of Charged Particles
- Nick Sawinyh, builder of Defiprime and DexGuru
- Hartej Sawney of Zokyo
- Cooper Turley (a.k.a. Coopahtroopa)
- Sergei Chan of BlockScience
- Regan Bozman, formerly at Coinlist
The company will use the capital for development, marketing, operational expenses, and liquidity provision.
Drops aims to provide loans, vaults, staking and yield farming for NFT owners and investors. The round of funding builds on Drops’ network of strategic partners which include Polkastarter, Quantstamp, 0xb1, Kyros Ventures, Zokyo, Petrock Capital and Blockstar Technologies.
According to the team, Drops has a roadmap for 2021 which includes the development tools that enhance the value of NFTs. The team will build infrastructure for NFT owners to stake their owned NFTs to earn dPoints, tokens that can be used to acquire new NFTs on the platform. The company is also developing a dNFT protocol which will allow NFT owners to put their NFTs in a digital vault and convert them into ERC20 tokens that can be sold on decentralized exchanges. The dNFT infrastructure will also be the infrastructure for NFT loan smart contracts and yield farming where NFTs can be used to supply to yield-farming protocols without the need to sell the original NFT.
Led by Darius Kazlovskis, Drops will hold an initial offering for the NFT and cryptocurrency communities in the second quarter of 2021.