Place/Date: - January 10th, 2022 at 9:53 am UTC · 3 min read
Blockchain-based webtoon platform “TooNFT” has launched on Toomics, which is the largest South-Korean Webtoon Company. According to the announcement, TooNFT raised $1.75 million in the private round. The webtoon platform revealed that it would develop a decentralized webtoon platform on top of the Toomics’ ecosystem. It was reported that investment firm HG Ventures led the round with top institutional investors. Some of the institutional investors include Adaptive Labs, Prestige Fund, GBIC, Alphabit, and Mindfulness Capital.
The TooNFT platform launched on Toomics to fulfill its vision of embracing the decentralized future outlook. This way, the blockchain-based webtoon gets to bring the concept of a non-fungible token (NFT) to the comics and webtoon space. Furthermore, the funds realized through the private and seed rounds will allow TooNFT to integrate its webtoon NFT infrastructure with the blockchain distributed ledger technology. Also, TooNFT will easily make impactful changes such as safe and reliable services in the webtoon industry. The blockchain-based platform will make improvements with easy access to investment or regular users without the challenges of intermediaries. Also, users will enjoy reward data, transparent data, and staking opportunities.
The blockchain-based TooNFT operates on top of the Toomics ecosystem, boasting millions of users. The Webtoon company is a premium subscription platform with more than 50 million active users. Also, there are about some 10 million app downloads of Toomics across iOS and Android, having a profitable business model. Since its inception in 2015, Toomics has gradually expanded and has secured up to 15 million USD from prominent venture capitalists. The company has been gathering funds to kick-start its mission of providing a platform for comics and webtoons, and has managed it successfully in the given time span.
In addition to the company’s growth, Toomics records up to 7 million monthly active users (MAU). With partnerships with giants like Tencent, AfreecaTV, GMarket, and KEB Hana Bank, the platform stands as one of the largest webtoon platforms across the world. Toomics has also received multiple awards from some of these top institutions. Considering its total active web users, the South-Korean company generates up to $60 million annually through the centralized sales of webtoon subscriptions on its platform.
TooNFT is about taking advantage of the remarkable positions the Toomics ecosystem currently occupies in terms of the supply of the content and production opportunities. Apart from the millions of users on the platform, Toomics has more than 2.6 billion page views. It also has subsidiaries in Singapore, Taiwan, and North America.
As TooNFT debuts on Toomics ecosystem, the platform has all it takes to emerge as a top blockchain-based webtoon platform. Notably, TooNFT will initially begin with a multilingual infrastructure with 11 launches, including English and French. And in the coming year, the team will roll out the next phase of the NFT market for its vast audience to begin peer-to-peer (P2P) trading. TooNFT brings another level of the revolution to the present webtoon industry by implementing the blockchain-based protocol.