German crypto startup FUEL is the latest company to join the NFT bandwagon as it has raised €1.5 million ($1.6 million) in funding from a group of investors, such as Bitstamp CTO David Osojnik, FintechCollective, Seedcamp and others.
As per Tech.eu, the Berlin-based startup wants to boost the adoption of NFTs further into the mainstream. Users can already mint and manage their NFT collection as part of early access. Commenting on the funding, Stefan Tietze and Patrice Deckert, Co-Founders of FUEL, said:
Last year, $25 billion worth of NFTs were traded globally, up from $95 million in 2020, and artists like Steve Aoki, Nas, Grimes, and brands like Lamborghini entered the space. The art establishment also sees value in the space, with brokers like Sotheby’s entering the market.
Barabasi added the platform plans to expand the set of tools for creators to succeed in the next phase of NFT hype. Although no details were reported about how FUEL plans to use the proceeds, Thanh Binh Tran, Co-Founder of FUEL, said that the company will launch "several NFT drops in the next couple of weeks" and already signed partnerships with yet-to-be-announced "top artists and labels."