Pinata, a firm building a decentralized media management system for non-fungible tokens (NFTs), has raised a total of $21.5 million dollars in venture capital.
Greylock, Pantera Capital and Offline Ventures co-led the funding round, with additional participation from Volt Capital, Opensea and Alchemy. The $21.5 million is made up of $18 million in Series A funding and $3.5 million in seed funding.
Pinata integrates with the Interplanetary File System (IPFS), a decentralized data storage system, to give users the infrastructure they need to build NFT projects, marketplaces other web3 apps on any blockchain. The firm intends to use the funding to bolster its product lineup and expand its team.
Pinata joins a growing list of web3 firms creating blockchain-based versions of services like GoDaddy Amazon Web services.
“Creators need storage capabilities and a fast and powerful way to distribute their content across marketplaces, metaverses, social media, and the internet en masse,” CEO Kyle Tut said in a release. “Pinata empowers creators of all kinds to serve content at scale without any technical experience required.”
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MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).