- Thomas Mancini, founder of WGMI, has sold the company to Floor.
- Floor is looking forward to the future success with WGMI firm.
- On the leading NFT site, OpenSea, Floor users accounted for 8% of sales.
Thomas Mancini tweeted about the purchase of WGMI.io by Floor. Floor, the firm behind the same-named NFT portfolio tool, received $8 million a year ago and boasts significant growth for its token-gated platform despite the NFT bad market. They are excited about this partnership. They are excited to be part of such an excellent team and to thrive collaboratively.
Very excited to announce that @wgmiio has been acquired by @floor. I am thrilled to be joining such an amazing team and to continue building together!https://t.co/aTwSZeuZ0p— Thomas Mancini (@NFTommo) January 23, 2023
The CEO of Floor commented that there were some issues that could be solved with the help of WGMI and that it could also help their company to accelerate. Customers may anticipate upcoming capabilities such as trade analysis and characteristic sales prices by monitoring demand for specific NFT project qualities such as the different aesthetic aspects that comprise a Bored Ape Yacht Club profile photo.
Floor premiered in October 2021 to an early audience of customers who purchased Generation I membership cards, or NFTs, which allowed entry to token-gated iOS and Android applications. In the years that followed, the site grew through word of mouth among traders and subsequent NFT mints.
By the moment Floor’s investment was revealed, the NFT market had begun a steep decline in both transaction volume and stock values, paralleling collapsing crypto prices and high-profile crashes. Aside from a minor increase in sales in December, the NFT bear’s economic conditions further deteriorated throughout the year.
Floor continued to grow its customer base despite being protected by an NFT access permit. It collaborated with significant projects such as Doodles and Proof to grant access to NFT owners, and it allowed current users to deploy tokens to acquaintances in order to enroll others in Floor. This resulted in a 700% surge in customers during the bear market, with over 10,000 unique visitors connecting over 22,000 total crypto accounts to monitor their holdings.
In December, floor users accounted for 8% of purchases on the premier NFT platform, OpenSea, indicating a well-connected trading audience.
Floor’s bigger goal is to eventually become a go-to site for NFT collectors to not only monitor their own holdings and follow trends but also to maintain contact with projects, get public announcements, and gauge investor sentiment. In other words, a one-stop shop for NFT users.