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The $25 million seed round is said to be used for the development of the company and the expansion of its team.
Co:Create, a crypto startup has raised 25 million in a seed round led by Andreessen Horowitz (a16z). The Co:Create seed round was supported by other investors including “Tom Brady’s NFT platform Autograph, Packy McCormick’s Not Boring Capital, FTX Ventures’ Amy Wu, Gary Vaynerchuk’s VaynerFund”.
Co:Create has been working on an infrastructure protocol that will provide the ground for NFT projects to introduce tokens and Decentralized Autonomous Organizations (DAOs). The initial version of the project is expected to be launched this fall, with the mainnet following later.
The crypto industry has been very competitive with startups coming up with innovative technologies to solve real-life problems. Co:Create is known for creating customizable tokens and treasuries for participating projects using factory method protocols. According to the press release, this ensures that royalties are paid in the native token using a decentralized exchange swapping method.
It was further disclosed that the startup has commenced discussion with some known NFT collections that took part in the seed round. Their interest is specifically tailored to those interested in NFTs similar to Yuga Lab’s Apecoin.
Tara Fung, CEO of Co:Create hinted that their objective is to ensure that the usefulness of NFTs goes beyond its current purpose.
ApeCoin, the token backed by Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections, was launched in mid-March and has seen tremendous success with over a $2 billion market cap. It is believed that this has been the reason for the high interest in token-tied NFTs.
“We want the NFT to do more than just sit in your wallet, in a thoughtful way that makes it a utility and not a security. I think we need more guidance from the SEC and other regulatory bodies. I’m hopeful that in the future we’ll get more clarity and less ambiguity,” said Fung.
Fung also stated that they seek to provide support for big fashion brands like Nike, Gucci, and others that have an interest in exploring the Web3. According to her, the company is in talks with other fashion brands. She further stated that every Web2 company will more likely adopt Web3 tools and technologies, meaning there “will be nothing like Web3 company just as there is nothing like an internet company.”
The $25 million seed round is said to be used for the development of the company. It currently has a team of 10, so it will double this number and secure partnerships with brands and creators for its protocol. Later, it will introduce its native token called CO. Once this is done, it will ensure that the community of its NFT projects takes over the governance of the protocol.