NFT commerce platform, Novel Commerce, has raised $6 million in a seed round that made the company reach a $21 million valuation.
Novel allows users to generate, mint and sell the tokens, better known as non-fungible tokens NFTs, without having to do the coding themselves.
As per reports, Lerer Hippeau Ventures, the Venture-capital company led the funding round. Other participants included Costanoa Ventures, VaynerFund, Roth Martin, Sugar Capital and other investors.
Novel is also working to provide its partners with the means to generate content, merchandise and discounts for their online storefronts and for its NFTs.
In a similar instance, last year, e-Commerce giant Shopify too launched its NFT Beta program for assisting users to mint and sell NFTs.
Anna Merzi, co-founder and chief revenue officer explained that Novel intends to help marketers by offering NFTs that grant their owners access to exclusive shopping experiences.
Novel’s clients include apparel retailer Everlane and Schnacks LLC, which operates snack marketer TBH. Novel is led by Ms. Merzi and Roger Beaman, its chief executive officer.
Novel customers create and sell NFTs at a subscription fee starting from $99 a month. Novel receives 10% from each NFT sale from clients to consumers and 1% to 2% on all the transactions taking place on the secondary marketplace.
Business experts claim that securing new customers online has become more difficult and costly as consumer privacy protections have forced existing ventures to form closer bonds with their current customers.
Hence, brands are flocking into the NFT space to provide value to consumers as a way to extend the tokens’ impact beyond a fleeting one time trend.
Several firms are exploring NFTs as Web3 continues to boom. The Gemini-owned NFT marketplace Nifty Gateway announced a partnership with Samsung Electronics to develop the first-ever smart TV NFT platform for exploring, buying, and trading digital art and collectibles.
