TRLab, a non-fungible token art (NFT) collection platform, raised $XNUMX million in a funding round, according to a press release shared with CoinDesk.
- The company will use the funds to diversify its collection and add "variable scope and scale" art projects, ranging from genesis drops in full production to multi-artist projects organized around a common theme, to large-scale editions that incorporate shared learning. and direct access to the artists in the collection process,” the statement read.
- The platform is geared toward the high end of the modern art market, with a classified work by Chinese artist Cai Guo-Qiang selling for $XNUMX million in July.
- NFTs have seen a revolutionary adoption in the world of high-priced art in the past year and have been featured in the catalog of world-renowned auction houses such as Sotheby's and Christie's, where digital artist Beeple sold an NFT for €XNUMX million in the month of March.
- The new funding brings TRLab's total fundraising to €6.2 million. Incubated by Dragonfly Capital and launched in May, the Hong Kong-based company is co-founded by Xin Li-Cohen, also a non-executive vice president at Christie's, and Audrey Ou.
- The round included the participation of funds such as Animoca Brands, one of the most valuable NFT and metaverse venture capital firms in the world; Bertlesmann Asia Investments (BAI), the Asian VC of German media and education conglomerate Bertelsmann; Hong Kong-based Kenetic Capital; INCECapital; meta wallet; Pluto Capital; StableNode, a project that uses blockchain validator rewards to invest; and Willoughby Capital.
- From art planet, WhaleShark, the Digital Renaissance Foundation, Pace Gallery and its associated Web Three arm, Pace Verso, joined the funding, as well as art collectors Adam Lindemann, Pablo Rodriguez-Monje and Svetlana Kuzmicheva-Uspenskaya. Art entrepreneur Loic Gouzer also joined the round. Private investors such as Marc Bhargava, Gabby Dizon, Sabrina Hahn, Andrew Steinwold, Olivia Wang and Jennifer Zeng have also invested.
- TRLab plans to announce 2 new NFT projects such as extending your membership perks this quarter.
Read More: Christie's Exec NFT Platform TR Lab Plans Art Exhibit by Cai Guo-Qiang