NFT App Floor Secures $8 Million in Series A Funding

UTC by Bhushan Akolkar · 2 min read
NFT App Floor Secures $8 Million in Series A Funding
Photo: Floor / Twitter

The Floor app offers portfolio tracking, live activity for collections, real-time price alerts, multi-wallet support, etc. Floor is also planning to bring the NFT watchlist feature along with a guide on buying and selling NFTs.

Looking at the current macroeconomic backdrop venture capital firms have slowed down on funding. However, some crypto firms continue to raise money. On Thursday, June 9, NFT app Floor announced that it has raised $8 million in a Series A round led by The Block founder Mike Dudas.

Some of the other founders in the funding round include Worklife Ventures, B Capital, Hannah Grey, Collab+Currency, Exponent Capital, Crypto.com, and Eberg Capital.

Three executives from Robinhood, Venmo, and Button started the Floop app. The goal of the app is to make NFTs more accessible and understandable to the common public. It is a token-gated NFT portfolio tracking platform. In an interview to Decrypt, Christine Brown former CEO at Robinhood, and now of Floor, said that Floor will solve a major issue of instantly checking the price movement of NFTs. Brown also said:

“You open up the app, enter your wallet address, and you can see your portfolio of NFTs, their value over time, what’s happening in that collection, and you get interesting and really unique insights into the data around it. And it just makes you a smarter, more connected human with the tokens that you’re purchasing. We’re seeing users open this app multiple times a day and telling us it’s like the first thing when they roll out of bed, they want to see what’s going on.”

The Floop mobile app is token gated, only accessible to Floor NFT holders. The Floor NFTs grant access to the app along with new features and the user’s community.

The Floor Public NFT App Launch

The team behind Floor said that the funding will help to take the application public. This will remove the Floor NFT purchases clause that could serve as a barrier to entry.

The public launch will also give Floor a larger user base giving it leverage in forming partnerships with other firms in the NFT space. Besides, it will also give Floor better feedback and insight into which NFT projects are getting the most traction. Speaking to CoinDesk, Floor CEO Chris Maddern said:

“We want to transition from a model where we have a very exclusive community to one where we can continue to build and foster that community. [Having] everyone be able to use the app means moving away from token sales as the primary model.”

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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