By
Andy Watson
April 26th, 2024
To strengthen its position in the ecosystem, Pixel Vault is partnering with Fractional.art, to break down costly NFTs into more affordable sub-tokens.
Riding on the wave of institutional investment into NFTs, Pixel Vault announced it has raised $100 million in its latest funding round. According to TechCrunch, the fund was raised from Adam Bain, 01 Advisors, and Velvet Sea Ventures.
Using the funding, the company plans to launch an NFT platform that allows individual users to own digital content in different entertainment media. Indeed, Pixel Vault has been leading the drive on how to make NFT projects more than just a couple of pictures.
How Pixel Vault Came to the Limelight
Pixel Vault first came into the limelight in May 2021 when it launched an NFT project called Punks Comic. The project featured the release of digital and physical comic books. Its first issue featured characters from the popular NFT project, CryptoPunks., supplied by crypto investors @beaniemaxi. @beanimaxi also canvassed support for the project.
After the first issue that featured @beaniemaxi as a major character, the next issue featured eight Apes from the Bored Apes Yacht Club collection fighting off a bad guy.
Not long after, the company launched the Metahero Universe featuring superhero NFTs created by veteran artists. While maintaining IP rights, the company encourages the use and promotion of the “MetaHero” collectibles by the community. So while maintaining the central identities of the assets, the project allows wide re-use of thousands of the characters.
There are thousands of MetaHero NFTs that have been created already with the floor price of one of the least at just over $18,000 worth of ETH at current prices.
Commenting on this, Michael Lazerow of Velvet Sea Ventures said, “[They] have the mandate to build a decentralized Disney that allows avid fans to participate in the appreciation of their characters that are in this world…”
Partnerships for Growth
To strengthen its position in the ecosystem, Pixel Vault is partnering with Fractional.art, to break down costly NFTs into more affordable sub-tokens. The project has also agreed to a partnership with a major sports brand Adidas Originals. It also has an agency dealing in place with William Morris Endeavor Entertainment (WME). WME will help to facilitate further partnerships in Hollywood.
While the project is primarily about building n NFT media empire, since its launch, the project has amassed about 100,000 ETH in transaction volume.