Burnt Finance, a protocol built on Solana, has raised $8 million in a funding round led by Animoca Brands. It also launched its non-fungible token (NFT) platform.
The capital will go toward adding staff and exploring partnerships with artists and other Solana-based projects.
Burnt Finance, known for burning a piece of artwork from street artist Banksy before selling a digitized version as an NFT, also said it has launched its NFT marketplace, which will feature auctions and allows users to mint and sell digital assets.
Other investors in the round included Alameda Research, Multicoin Capital, Valor Capital, Figment, Spartan Capital, HashKey, Terra, Fantom and others.
Alameda and Multicoin led the protocol’s $3M fundraising round in May.
“We are now looking to expand onto other chains such as Terra and Fantom while building out new functionalities that bridge the worlds of DeFi [decentralized finance] with NFTs,” the Burnt Finance team, which insists on anonymity, said in an emailed statement.
The team sees demand for NFTs continuing to surge. Data from DappRadar shows the NFT market reached $22 billion in 2021.