In a Series A funding round, led by Taavet+Sten and Atomico, a European venture capital (VC) firm with $4 billion in assets under management, NFT infrastructure company NFTPort raised $26 million. With the money, the core product, which helps developers make NFT apps quickly, will be able to grow.
“We are one of the largest providers of NFT infrastructure. NFTPort CEO and co-founder Johannes Tammekand told CoinDesk in an interview that the company is like Stripe or Amazon Web Services for NFTs.
“A lack of proper infrastructure is one of the biggest problems companies and developers face when making NFT products,” said Tammekand, who has a background in cybersecurity and got interested in blockchain technology in 2014 while researching Tor and Bitcoin for NATO. “Our infrastructure saves them hundreds of thousands of dollars and cuts the time it takes to get their goods to market from months to days or even hours.”
Tammekand told CoinDesk in an interview that the funding will help NFTPort, which is based in Estonia, add new features, work with more blockchains, and grow its team. The new company also wants to bring to market a decentralized NFT infrastructure protocol.
Taavet+Sten is an investment company started by Taavet Hinrikus, who helped start the digital payment company Wise, and Sten Tamkivi, who helped start the tool Teleport for comparing cities. Tamkivi will become a co-founder of the NFTPort team. Rain Johanson, who used to be the CTO of Bolt, will become a co-founder and CTO.
Other investors in the round included Protocol Labs, which made Filecoin, Jaynti Kanani, who helped start Polygon, and Jutta Steiner, who helped start Polkadot.
Infrastructure for NFTPort includes application programming interfaces (APIs) for data, minting, and detecting fakes. The Ethereum, Polygon, and Solana blockchains all have NFT data that can be accessed through Data APIs. Developers can use Minting APIs to deploy, manage, and modify NFT smart contracts without having to write any smart contract code. The interface for spotting fakes makes sure that an NFT hasn’t been created before on any of the supported blockchains.
Developers like Nifty Gateway, which is part of the cryptocurrency exchange Gemini, and Protocol Labs are already using NFTPort.
Irina Haivas, a partner at Atomico, said in the press release, “We are very confident that there will be a shift toward more digital ownership made possible by NFT technology, and that NFTs could become a new asset class.”
“However, much of the infrastructure that is needed for NFTs and other Web 3 technologies to be widely used still needs to be built. This is where NFTPort comes in.”