ClubNFT, the company building next-generation infrastructure solutions to discover, protect and share non-fungible tokens (NFTs) for digital artwork, announced $3M in seed funding; its official company launch; and its first solution, which will allow collectors to safeguard their NFT investments by downloading the media associated with all their NFTs in a single click. The company is headed by CEO/Co-Founder Jason Bailey, NFT Thought Leader, Collector and Founder of Artnome; CTO/Co-Founder Chris King, formerly of Google; and CFO/COO Danielle King, the former Manager of Painting and Sculpture at MoMA.
Recognizing the tremendous opportunities in providing infrastructure solutions for the NFT space, several investors joined the $3M seed round, co-led by Galaxy Digital and Galaxy Interactive, with participation from Red Swan Ventures, CMT Digital, Sfermion, Draper Dragon, Richard Entrup, and other angel investors. To date, the company has raised $3.875 million, including previous funding from Motown Capital and Bharat Krymo.
ClubNFT is building the next generation of tools for NFT collectors, including search, analysis, backup, recovery, appraisal, and curation — all integrated with and complementary to existing NFT marketplaces. The company’s initial product is a free solution enabling collectors to quickly and easily download and store their digital art files to wherever they see fit. Without backing up the media files associated with their NFTs, collectors run the risk of losing the full value of their investments.
“ClubNFT will provide much-needed tools and solutions for the NFT collector community,” said Jason Bailey, CEO of ClubNFT. “As a first step, we want to solve a major problem: collectors are at the mercy of third parties in backing up their NFT media. So, we are providing a free, automated way for collectors to download the media associated with all their NFTs in a single click to ensure that their NFT investments are safe.”
Contrary to popular understanding, the actual artwork associated with the majority of NFTs is not stored on the blockchain. Billions of dollars of NFTs have media stored off-chain, and collectors, being unaware, exercise no control over the artwork. If a marketplace stops paying for storage, or experiences an outage or data loss, collectors stand to lose their digital artwork permanently.
“This market is sorely in need of infrastructure solutions for collectors to help them discover, protect and share their investments,” said Richard Kim, General Partner, Galaxy Interactive. “The visionaries at ClubNFT are the ideal people to provide the needed foundation and help shape the future of the NFT industry.”