NFT Media Distribution Platform Pinata raised $21.5M in Funding

Despite the appreciable fading of interest in the NFTs, especially compared to the last August when it was blazing, NFT platforms and companies continue cementing their presence in Web3. 

An NFT-focused media distribution platform Pinata, involved in providing the media infrastructure and support for web3 apps, marketplaces, and crypto projects across all blockchains, has recently raised $21.5M in Seed and Series A Funding. 

The platform raised $3.5 million in a seed round in 2021 and $18 million in Series A which resulted in a whopping total amount. The recent Series A was co-led by Greylock and Pantera, and the seed was co-led by Greylock and Offline Ventures. Volt Capital, Opensea, and Alchemy are among the additional investors. By the way, this amount is the only capital the four-year-old company has ever raised. 

Pinata is genuinely interested in designing products that could help web3 creators make the most of the non-fungible industry, catering to their increasing needs. With a suite of tools to manage, share, serve, and monetize media on any blockchain, Pinata has all chances to become the top platform for creators. 

According to Kyle Tut, co-founder and CEO of Pinata, the funds raised will be used to grow the team and scale the platform’s technology infrastructure to make it more stable, faster, and able to “power the next generation of NFTs.”

Since January,  Pinata’s user base has increased from 104,000 users to over 240,000 users as of today, showcasing about 131% growth. Both emerging creators and known companies like Yuga Labs, Opensea, DraftKings, LooksRare, and Autograph use the platform’s services. 

One of Kyle Tut’s aims regarding the platform’s development is to serve content for those NFT projects interested in building media and content. 

“To us, [the future] looks like full-blown applications, not just simple images or complex applications associated with NFTs,” Tut said. “NFTs are going to be so much more than people understand today.”

With such huge ambitions and impressive capital, Pinata has all chances to move the NFT industry forward and even set new trends. Let’s wait and see what breakthrough can happen.

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