Galaxis Raises $10M, Doubling Down on Belief That NFTs Will Provide Real Value Everywhere

• Galaxis, a "post-hype NFT utility platform," has raised $10 million ahead of its token launch.
• Participants included Ethereum Name Services (ENS) and Rarestone Capital.

As it gears up for its token launch, Galaxis, a Singapore-based Web3 platform, has raised $10 million from funders including Ethereum Name Services (ENS), Rarestone Capital, Taisu Ventures and ENS co-founder Nick Johnson, it announced Tuesday.

Gains made through the company's node sale of more than 11,000 'Galaxis Engines' also contributed to the total funding.

The platform, which helps creators and brands introduce collections of non-fungible tokens (NFTs), has worked with celebrities including DJ Steve Aoki, actor Val Kilmer and NBA personality LaMelo Ball. It has sold more than 225,000 NFTs over the last couple of years, generating over 32,000 ETH ($100 million) in secondary sales of NFTs and is now preparing for "mass distribution," the company said.

Chainlink was a seed investor in the company.

"The next step is to see the use of our native GALAXIS token supercharge the ecosystem," said CEO and co-founder Andras Kristof, who also installed the first bitcoin ATMs in Singapore. He also said that as a post-hype NFT utility platform, "we believe the use of this new technology will go beyond the hype" and be of real value to all industries beyond Web3.

Incubated by CoinMarketCap, Galaxis allows individuals or brands with a community to create engagement and reward mechanisms for their communities through NFTs by removing the need for any third-party engagement tools with a built-in economy.

Read More: Activity Is Beginning to Accelerate in the Bitcoin NFT Space: Franklin Templeton

UPDATE (May 10, 05:45 UTC): Removes Chainlink reference from lede and bullets.