Mark Cuban-backed Mintable bags funding from Sound Ventures

Non-fungible token (NFT) platform Mintable, backed by billionaire investor Mark Cuban, announced the close of its seed round from Sound Ventures, the venture fund founded by U2 manager Guy Oseary and American actor Ashton Kutcher.

The amount of the round was not disclosed.

Billionaire investor Mark Cuban / Photo credit: Salesforce

Investors including Time Ventures and CRC Capital also participated in the financing round.

Launched in December 2018, Singapore-based Mintable is an NFT marketplace built on the Ethereum and Zilliqa blockchain. The platform helps artists and creators monetize their work by browsing, minting, or selling tokens without having any prior knowledge of coding. It also ensures that consumers can purchase goods with the assurance of their authenticity backed by the blockchain.

“You’re going to see multimillion-dollar companies utilizing NFTs for a variety of use cases, whether it’s documents like deeds, invoices on payments, or insurance policies, which would be then stored on the blockchain where ownership could be tracked,” said Mintable founder and CEO Zach Burks.

NFTs did not gain traction in the market initially due to the upfront cost of minting an asset, which is known as gas fees, said the CEO. He also believes that the company is well positioned to spearhead the movement of NFTs going mainstream in 2021.

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Burks claims that over 150,000 NFTs have been created and listed for sale using Mintable’s gas-free minting option, along with 150 million page requests in March.