Solana-based NFT Project Burnt Finance Closes $3 Million Seed Funding Round

Burnt Finance, a Slana-based non-homogenized token (NFT) minting and auction protocol, has raised $3 million in a seed funding round.

Slana-based non-homogenized token (NFT) minting and auction protocol Burnt Finance has raised $3 million in a seed funding round, The Block reported on May 6.

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The seed round was funded through a private token sale, Burn Banksy, the project’s anonymous founder, told The Block. The round was led by Alameda Research, with participation from Multicoin Capital, Mechanism Capital, DeFiance Capital, Vessel Capital, HashKey, Spartan, Polygon’s COO Burnt Finance was incubated by Injective Protocol.

Burnt Finance told The Block that the company plans to accelerate the development of the protocol with the help of new funding and to launch new collaborations in the NFT space “with some outstanding artists.

Burn Banksy, a popular graffiti artist whose painting Love is In The Air will be auctioned off next week at Sotheby’s, is known for his work on the Banksy series Morons on the OpenSea platform, which eventually sold for $400,000. Sotheby’s, which will also be accepting bitcoin and ethereum for the first time to auction off a physical piece of art.

In addition to its efforts in the NFT space, Burnt Finance also plans to support synthetic assets through a Solana-based minting and auction protocol. The protocol is currently in beta and is expected to launch in the third quarter of 2021.

Burn Banksy stated.

We believe in the potential of cryptocurrency auctions while Burnt Finance is working to address the needs of the market with the launch of the first fully decentralized Solana-based auction protocol.

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