Cardano NFT Platform Spores Network Raises $2.3 Million as It Looks to Combine NFTs and DeFi

Key highlights:

  • NFT and DeFi platform Spores Network has raised $2.3 million from a group of investors
  • Notably, Spores Network plans to be one of the first NFT platforms to support the Cardano blockchain
  • The project will also be holding an IDO on Cardstarter

Spores Network raises $2.3 million as it plans to bring NFTs to Cardano and other blockchains

NFT platform Spores Network has raised $2.3 million in new funding in a round backed by investors such as NGC, SVC, ExNetwork, SL2 and others. 

While Spores Network is built with a blockchain-agnostic approach, one of it’s more interesting aspects is that it plans to be the first full-stack NFT marketplace to support the Cardano blockchain. Cardano’s ADA is already a top 5 crypto asset by market cap, and the Cardano project is currently enjoying a lot of attention because it’s in the process of rolling out its highly-anticipated smart contracts functionality. Per the Spores Network team, supporting the Cardano blockchain will allow users to benefit from lower transaction costs, improved throughput, as well as a more environmentally-friendly platform.  

The Spores Network is targeting a selection of key verticals for its NFT platform, more specifically digital art, esports, anime, music, gaming and film/TV. In addition, Spores Network is also implementing functionality from the world of DeFi, which will make it possible for the NFTs featured on the platform also function as financial instruments.  

Duc Luu, the executive chairman of Spores Network, had this to say about the project’s recent $2.3 million raise: 

“We at Spores Network are incredibly excited to launch our vision of NFTs and De-Fi with the support of world-class crypto VCs and KOLs who see a future that is frictionless, borderless, creator-centric, and community-driven to create, exchange, and communicate our physical and digital life’s work.”

Meanwhile, NGC founding partner Roger Lim touched on how Spores Network founders Duc Luu and Eric Hung Nguyen can leverage their unique experience to lead the growth of the platform:

“Eric and Duc, with the combination of world-class hedge funding trading and business building skills and experience, are exemplary of our investment belief in founders first and markets second. Spores Network is building a full NFT and De-Fi ecosystem, beginning with an NFT marketplace to power value creation by focusing on depth and breadth of vertical expertise.”

The Spores Network platform will feature its own token called SPO, which will be used to facilitate the platform’s governance and provide users incentives through DeFi-inspired approaches like liquidity mining and lending. The project will be holding an Initial DEX Offering (IDO) on the Cardstarter platform, with registrations starting on July 23. 

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