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Vaynerchuk Backs $7M Bet on You Wanting to Show Off Your NFTs’ IRL
Danvas is looking to bring high-art frames to high-art NFTs.
Updated May 11, 2023, 4:06 p.m. Published Dec 14, 2021, 2:52 p.m.
As NFTs continue their invasion of the art world, one startup wants to help collectors display their collections in the physical world.
Danvas said Tuesday it raised a $7 million seed round with investors including Greycroft, Lerer Hippeau, Waverley Capital, Gary Vaynerchuk’s VaynerFund, UTA Ventures, BDMI and angel investors Rich Greenfield and Jason Nazar.
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The raise is just the latest example of startups looking to serve what JPMorgan now says is a $7 billion market for NFTs.
“Our goal is to create the most experientially compelling digital art frame in the world – one that invites you to interact with digital art, and ultimately convert you into a lifelong collector,” the startup’s founders, Jeanne Anderson (a former general manager of Saatchi Art) and Hernan Lopez (founder of podcast network Wondery), said in a release.
Right now, most displays on the market are approaching displaying non-fungible tokens as “a hack,” Anderson told CoinDesk in an interview. “They don’t want to show a beautiful piece of artwork on a sideways TV.”
Sam Wick of UTA Ventures said the investment is a bet that museums and auction houses will continue their embrace of digital art.
Added Vaynerchuk: “One of the missing links between the traditional and digital art worlds is display. How can you show your pieces in a way that matches their value and significance?”
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