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Sotheby’s, Future Perfect Ventures Invest $20M in NFT Tech Firm Mojito
The funding will go toward expanding the Mojito team’s engineering and product side as well as building out tooling and services.
Updated May 11, 2023, 7:01 p.m. Published Oct 21, 2021, 3:00 p.m.
Mojito, a suite for creating non-fungible token (NFT) marketplaces, has received $20 million in funding from Sotheby’s and Future Perfect Ventures, giving the firm a valuation of $100 million.
The funding round was led by Future Perfect Ventures. Other participating investors included Connect Ventures, an investment firm formed by Creative Artists Agency and venture capital firm New Enterprise Associates, Moore Strategic Ventures plus CMT Digital and Sfermion.
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Mojito is now out of stealth mode, with Sotheby’s most recently announcing its new platform, called Sotheby’s Metaverse, is powered by Mojito. The system allows visitors to view digital artworks available at auction, as well as learn about the collectors and artists behind NFTs.
Mojito co-founder Amanda Cassatt, the former chief marketing officer at ConsenSys, told CoinDesk the company is spinning out of Serotonin, the marketing firm she manages.
“NFT commerce suite and what that means is that we’ve built, or are building, all of the tools and products that a brand or a right holder needs end to end in order to sell NFTs. So Mojito is the underlying technology to power Sotheby’s Metaverse,” Cassatt said.
The $20 million investment will go toward expanding the Mojito team on the engineering and product side and building the tools and services that allow brands and rights holders to access the technology.
NFTs are digital assets that represent a wide range of items, from collectible sports cards to virtual real estate and even digital sneakers. The metaverse is a digital environment generated by the convergence of virtual worlds, augmented reality and internet services.
Read more: Sotheby’s Takes Its NFT Experiment Into the Metaverse
CORRECTION (OCT. 21, 15:24 UTC): Corrects position held by Amanda Cassatt in fourth paragraph.
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