NFT Software Firm Nameless Raises $15M to Expand Its Team
Mechanism Capital led the seed round at a $75 million valuation.
Nameless, a company that helps brands launch and manage non-fungible tokens (NFT), has raised $15 million in a seed round led by Mechanism Capital at a $75 million valuation. Nameless will use the funds to build out its team.
Nameless develops Application Programming Interface (API) software for NFT creation, testing and sales to make it easier for brands to securely integrate NFTs into their platforms. Strategic partnerships and clients of Nameless include auction house Sotheby’s, rapper Snoop Dogg and Gary Vaynerchuk’s VeeFriends.
Other participants in the funding round included Velvet Sea Ventures, Red Beard Ventures and Delphi Digital, among others. Several investors who participated in Nameless parent Nft42′s seed round earlier this year also joined in, including Sound Ventures and Gary Vaynerchuk’s VaynerFund. Nft42 counts entrepreneur Mark Cuban, Salesforce.com CEO Marc Benioff and talent manager Guy Oseary among its backers.
“NFTs are revolutionizing digital ownership on a global scale. Whether it’s a single NFT drop or the creation of an entire marketplace, our technology makes things easy, cost effective, and secure,” said Jim McNelis, founder and CEO of Nameless and Nft42, in a press release.
“We expect the nascent NFT industry to grow into a multihundred-billion dollar market that disrupts many others along the way including art, gaming, music, fashion and entertainment,” said Mechanism Capital Partner Marc Weinstein in the release. “We backed nameless because the company’s leadership had the foresight to see this massive wave years before everyone else. They remain ahead of the curve with a bold vision to develop critical infrastructure for all market participants from independent creators to large enterprises and the communities that support them.”