Mark Cuban-backed NFT Platform Nifty’s Raises $10 Million, Partners with Warner Bros for Space Jam NFTs

Key highlights:

  • NFT platform Nifty’s has raised a $10 million round from investors like Coinbase Ventures, Dapper Labs and Topps
  • Nifty’s also announced a partnership with Warner Bros., and will be offering Space Jam-based NFTs on its platform
  • Nifty’s worked with Palm NFT Studio to mint the NFTs in a more energy-efficient way

Nifty’s raises $10 million seed round and scores Warner Bros partnership

Nifty’s, an NFT platform backed by billionaire investor Mark Cuban, has announced a $10 million seed round that included investors such as Coinbase Ventures, Dapper Labs, Topps and several others. Existing investors such as Polychain Capital and Draper Dragon Fund increased their investments in the project. 

In addition to the seed round, Nifty’s also revealed a partnership with Warner Bros., which brings limited edition NFTs based on the upcoming movie Space Jam: A New Legacy. Per a report from Boardroom, users will be able to claim a free NFT for signing up to the Nifty’s platform. 

The NFTs from the collection will feature NBA superstar Lebron James, as well as different animated characters from the “Tune Squad” team that’s featured in the movie. The NFTs will be distributed to users in a randomized manner, and will feature different rarity tiers. 10 “legendary” copies have been created of each issued NFT. 

Warner Bros. Global Brands and Experiences Pam Lifford president Pam Lifford commented on the company’s partnership with Nifty’s and what NFTs can bring to fans:

“We are excited to partner with Nifty’s on this new way for our audiences to engage with their favorite characters, connect with other fans and enjoy our movies on and off the screen. Space Jam: A New Legacy is fun for everyone and it was important to us to give audiences new and exciting ways to celebrate their fandom.”

When NFTs making their way into the mainstream, they have been frequently criticized for their environmental impact – the most popular platform for minting NFTs is Ethereum, a blockchain that’ s secured through an energy-intensive Proof-of-Work process. 

The Space Jam NFTs featured on Nifty’s have been developed with the help of Palm NFT Studio, which has created an Ethereum-based ecosystem for efficiently minting NFTs. According to the press release shared by Nifty’s, their method of minting NFTs brings a 99% decrease in energy consumption. 

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