Burnt Finance, a NYC-based fully-decentralized NFT auction protocol built on Solana, raised an $8M Series A round of funding.
The round was led by Animoca Brands with participation from Multicoin Capital, Alameda Research, DeFiance, Valor Capital Group, Figment, Spartan Capital, Tribe Capital, Play Ventures, HashKey, Mechanism Capital, DeFi Alliance, Terra, Fantom, and others.
Founded by Burnt Banksy, an anonymous figure who made history in the NFT community with the burning of an authentic Banksy art work, Burnt Finance is a fully-decentralized NFT auction protocol on Solana. It allows users to take auctions into their own hands, enabling the minting and trading of any NFT in an entirely permissionless ecosystem. The platform can support NFTs, digital assets, and more. Given its Solana-based architecture, Burnt is able to achieve the fastest transaction speeds with negligible fees.
The company also announced the public launch of its NFT marketplace, which will feature English, Dutch, and Buy Now auctions. In the coming quarters, it will integrate DeFi functionality which includes NFT lending, liquidity mining with staking incentives, fractionalization, and GameFi. Burnt Finance also plans to expand to additional blockchains including Terra and other EVM compatible layer one protocols.
Since its inception, Burnt Finance has gathered over 160,000 users on its waitlist and processed over $100 million of trading volume in 7 days on its Spark testnet.
The company raised a $3M seed round in May 2021 led by Multicoin and Alameda Research and was incubated by Injective Labs, the core contributors to the rapidly growing multi-chain network Injective Protocol.