Blockchain Startup GigLabs Raises $4.5M to Help Brands Launch NFTs
The world as we know it is expanding. While this doesn’t mean the Earth is getting any bigger, it does mean many aspects of our daily lives may eventually be moved to the metaverse. Though we’re still a far cry from the reality of “Ready Player One,” plenty of virtual interactions and transactions are already underway. One of these is the sale of non-fungible tokens, or NFTs.
The global market for these digital assets is booming. NFT sales in last quarter totaled $10.7 billion as individuals and institutions vied for the ownership of digital images, videos, collectibles and more. As more enterprises are jumping on the digital bandwagon to make their brands stand out, Atlanta-based GigLabs is working to help them launch NFTs of their own.
The Atlanta-based startup announced a $4.5 million round of seed funding co-led by investors Dapper Labs and Panoramic Ventures. Counting names like CNN and Turner Sports as its clients, GigLabs’ platform provides brands with tools to help them generate, mint and sell NFTs on the Flow blockchain through personalized customer experiences. Flow is a blockchain built for apps, games and the digital assets that power them, according to its website.
GigLabs works to help brands navigate the technical complexities that come with integrating NFT projects into enterprise level organizations. Its platform offers several solutions to help brands turn their intellectual property into NFTs. With GigLabs’ NFT Bridge, customers can access a company’s NFTs through customizable storefronts and marketplaces on that brand’s website. With GigLabs’ RareRooms solution, brands can curate and showcase their NFTs in a 3D virtual reality metaverse. So far, companies have created almost 10,000 RareRooms on GigLabs’ platform.
“At GigLabs, we firmly believe that every brand will have an NFT strategy in the future,” Douglas Dimola, CEO and co-founder, said in a statement. “This funding enables us to expand the talent of our team to continue expanding our offerings to meet current and future demand, while also working with the best and brightest partners to continue to push this new innovation forward.”
As it builds out its team, GigLabs currently lists roles on its site spanning project management, design, software development and engineering.