Bengaluru-based NFT startup Lysto has raised $3 million in seed funding from BEENEXT, Better Capital and Cloud Capital. Angel investors including Binny Bansal, Kunal Shah, Ashish Hemrajani, Parikshit Dhar, Anupam Mittal, Ashish Gupta and Kumar Sudarsan also participated in the round.
The newly raised fund will be utilised in product development and extension of its team size as per the official statement.
The firm develops APIs, Tools and Infrastructure to facilitate and distribute NFTs over e-commerce, entertainment, gaming, animation and other sectors with a few taps or several lines of code.
First-of-its-kind NFT startup Lysto on Thursday declared that it raised $3 million in seed funding round from BEENEXT, Better Capital, Cloud Capital and other investors to democratise the global adoption of NFTs.
Established in 2021, the blockchain-based startup intends to take NFTs to over 4 billion internet users through millions of use cases they are familiar with via thousands of daily tech platforms they currently use.
“NFTs are becoming an integral part of business and culture. With its applications across industries, it is a multi-billion dollar industry, which is largely restricted to digital art and collectibles currently. As the market expands, we see that every e-commerce player, every production (entertainment, gaming, animation), and every brand would want to launch NFTs to raise funds and monetise their offerings,” said Sadiq Ahamed, Founder and CEO of Lysto.
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Commenting on the investment, Hero Choudhary, Managing Partner at BEENEXT added,
“We are very excited about partnering with Lysto as an infrastructure layer for NFT space. With its futuristic vision and scalability that allows global application across sectors, Lysto has an ambitious vision to democratising NFTs for every internet user in the world.”