SNEAK PEEK
- FTX Ventures and Avalanche Foundation co-led a $5M seed round for Joepegs NFT marketplace.
- Joepegs is the largest NFT marketplace on Avalanche with $3.4 million in sales & 12,000 users.
- Joepegs has boarded over 50 projects via Joe Studios and NFT launchpad.
NFT marketplace Joepegs raised around $5 million on the Avalanche blockchain in a seed round that was co-led by Avalanche Foundation, its co-founders’ pseudonyms go by Cryptofish and 0xMurloc, and FTX Ventures.
The team made a statement recently that FTX Ventures’ funding was done in the month of June, and prior to the unfortunate bankruptcy situation, all those fundings had been moved out to FTX.
In May, the Joepegs marketplace was launched, and since then they’ve grown at a bolting speed to become the largest NFT marketplace on Avalanche making a revenue of around $3.4 million just in NFT sales with a whooping 12,000 user base.
Joepegs has boarded more than 50 projects to its Avalanche ecosystem via Joe Studios, its own in-house production unit, and an NFT Launchpad.
In early July 2021, the co-founders founded a decentralized exchange on Avalanche by the name Trader Joe, and since then they’ve amassed over $88 billion in total trading volume.
0xMurloc stated that when he and his team began developing the platform, they quickly understood that they need to raise more funds by putting more focus on enhancing the platform capabilities if they want to make this platform helpful for users to discover NFTs.
0xMurloc further added that his team also indulges in building a lot of content because the marketplace is only as good as the content in the ecosystem.
