FirstMate: A Startup That Empowers NFT Creators With Customizable Online Shops Raised $3.75M

FirstMate: A Startup That Empowers NFT Creators With Customizable Online Shops

FirstMate, a startup that helps NFT creators build their own online shops, secured $3.75 million in a funding round led by Dragonfly Capital, a crypto-focused VC firm that raised $650 million for its third fund in 2022. The round, which was announced today, also saw the participation of Coinbase Ventures and NextView.

Along with the funding news, FirstMate revealed the beta launch of its website builder for NFT marketplaces, in collaboration with Manifold, another NFT startup. Jacob Frantz, the CEO of FirstMate, stated that "current marketplaces do not serve the needs and desires of creators and collectors, who want a direct and lasting connection. We aim to change that."

Unlike other marketplaces, FirstMate puts creators first, as per the announcement. This means artists can showcase all their works on one site, no matter where they were created, and have full control over their royalties. FirstMate, founded in 2022 by ex-Instagram and Walmart employees, has already launched marketplaces for Bankless, Gmoney’s 9dcc, FELT Zine, Sound.xyz and more. Its marketplaces host over a thousand collections of various types of art and clothing.

The startup believes that NFTs are more than just digital assets, but also expressions of identity and culture. By partnering with Manifold, FirstMate leverages the power of smart contracts to ensure that creators have full ownership and control over their NFTs, and that collectors can trust the authenticity and provenance of their purchases.