The ventures team contributed to the collapse of FTX.
The co-founder of Joepegs, who goes by the names of Cryptofish and 0xMurloc, told TechCrunch that the company raised $5 million in a seed round.
The funding from FTX was completed in June and has since been transferred out of FTX.
The marketplace launched in May and has grown quickly with over $3.4 million in sales and 12,000 users. The company has an in-house production unit, Joe Studios, as well as an NFT Launchpad, which has boarded over 50 projects to the community.
Trader Joe was founded by the co-founders and has a total trading volume of over $88 billion.
In order to deliver a platform that really helps users discover great NFTs, we have to invest in a lot more platform capabilities. A lot of content is created on our end. At the beginning, we filled a need. The content in the system is as good as the marketplaces.
The operational side of Joepegs is invested in to partner with different traders, projects and artists. We do that ferociously.
After partnering with the largest NFT marketplace, Open Sea, the company dove further into the space. The seventh-largest block by NFT sales volume is the Avalanche.
The people are focused on what's happening in the larger market. There are less people playing with the NFT market as a whole right now, but there is still a lot of interest from creators, brands and projects to dive deeper into web3 and NFTs.
There are a lot of people who are interested in exploring this form of commerce and community building.
The future of NFTs is something that we are very bullish on. It's very bullish that you can have clothing backed by NFTs. We want to be at the forefront of NFT innovation with digital stuff and clothing.
NFT markets will have to adapt as more alternatives come out. Over time, our vision will have to be similar to Amazon. It used to be a bookstore, but now sells everything. I see it that way.
The team plans to keep driving in-house content and have new collections coming up in the near future, according to 0xMurloc.
We want to explore what Fish said, whether it is fashion, physical merchandise or gaming. We're excited about the future.
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