MakersPlace, a blockchain digital art platform created by Pinterest chief engineer Yash Nelapati, raised $ 2 million. The round was led by venture capital fund Uncork Capital, with contributions from Facebook, Coinbase, Pinterest and other investors.
MakersPlace is a blockchain technology platform that allows artists to create and sell unique visual content. It offers tools to authenticate, sell, and distribute works. MakersPlace displays photographs, drawings, pixel art and 3D artwork. They can be purchased using the usual methods of online purchase, as well as using ethereum tokens (ETH).
On its blog, the company also announced the public launch of MakersPlace, where buyers can collect, share, and invest in digital art. The platform has been in beta mode for about a year.
NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.