BalrajLysto, a Bengaluru-based Non-fungible token (NFT) focused startup, announced a $3 million (~Rs 22.25 crore) seed funding from venture capital firm BEENEXT, Better Capital, and Cloud Capital.
Courtesy: Lysto
The seed round of funding also featured participation from some angel investors such as Binny Bansal (cofounder, Flipkart), Kunal Shah (founder, CRED), Kumar Sudarsan (founder, Qwikcilver), Anupam Mittal (Shaadi.com), Ashish Gupta (founder, Helion Ventures), Ashish Hemrajani and Parikshit Dhar (cofounders, BookMyShow), Nitish Mittersain (founder, Nazara Games), Sandeep Nailwal and Jaynti Kanani (cofounders, Polygon), Pradyumna Agarwal (Managing Director, Temasek), among others.
The fresh infusion of capital, according to the company, will be used for product development and will encourage Lysto to invest in team expansion, which will aid in the company’s aim of advancing and simplifying the adoption of NFTs.
NFTs can be used in a number of different industries, including digital art, real-world assets, e-commerce, collectibles, gaming, entertainment, animation, and others, to encourage establish ownership of digital assets on the blockchain.
Bengaluru-based Lysto, founded by Sadiq Ahamed in 2021, creates APIs, tools, and infrastructure to accommodate the creation and distribution of Non-Fungible Tokens (NFTs). The startup’s NFT stack makes it easier for organizations to incorporate NFT.
Lysto is a distinct platform to encourage the global adoption of NFTs because its APIs, tools, and infrastructure enable anyone including developers, creators, and brands to experience the benefits of NFTs with little or no expertise in blockchain technology. The startup claims any organization or developer can easily integrate Lysto’s NFT solutions with their digital services in just a few steps.
Lysto’s objective #NFTeverywhere is to introduce NFTs to 4 billion+ internet users through millions of use cases they are already familiar with and thousands of everyday digital platforms they are already using.
Sadiq Ahamed, Founder, and CEO of Lysto said on the development, “NFTs are becoming an integral part of business and culture. With its applications across industries, it is a multi-billion dollar industry, which is largely restricted to digital art and collectibles currently. As the market expands, we see that every e-commerce player, every production (entertainment, gaming, animation), and every brand would want to launch NFTs to raise funds and monetize their offerings.”
In other news, NFTically disclosed a seed funding round in July of this year, which was then elevated to over $1 million in October. The company announced a partnership with Zee Studios in September to facilitate the production company in creating its own NFT marketplace.