Aditya Hadi Pratama · · 1 min readIndonesian NFT marketplace raises $5m in seed money
Paras, an Indonesia-based marketplace for non-fungible tokens (NFTs), raised US$5 million in seed funding through a private round and Initial Dex Offering. Black Dragon Capital, Dragonfly Capital, Moonwhale Capital, Digital Renaissance, and GFS Ventures participated in the round.
The Paras team / Photo credit: Paras
Founded in 2020 by Rahmat Albariqi and Afiq Shofy Ramadhan, Paras currently has 25,000 registered users and 1,000 verified artists on its platform. “We verified around 10 new artist accounts every three days,” Albariqi told Tech in Asia.
Paras will use the new funding to develop crypto-native intellectual property focused on games and comics. The company aims to onboard up to 10 projects that will be created on its platform.
It also recently launched Paras Comic, where users can read, lend, and sell digital comics, or even buy NFT collectibles created by comics artists. “We hope it can be a gateway for [the] general public to try using blockchain and cryptocurrency technology,” Albariqi said.
According to the company, its biggest challenge at the moment is to get high-quality engineering talents in the fledgling industry, especially in Indonesia, which hasn’t seen rapid blockchain development. The firm currently has 13 employees, mostly in the operational and marketing divisions.
Editing by Miguel Cordon and Arpit Nayak
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