NFT Cardinal Utility Protocol for Solana has Raised $4.4 million in Seed Funding
Cardinal, a Solana-based infrastructure protocol aimed at increasing the utility of non-interchangeable tokens (NFT), raised $4.4 million during the initial funding round.
Cardinal states that the newly created cryptocurrency venture company Protagonist and Solana Ventures jointly led the initial round, which also involved Animoca Brands, Alameda Research, Delphi Digital and CMS Holdings.
Cardinal, founded eight months ago, offers an NFT utility enhancement protocol on Solana with various use cases such as rental, stacking and ticket sales.
"Renting, for example, allows leased NFTs to physically reside in tenants' wallets while maintaining the impossibility of default," said Cardinal co-founder and CEO Spencer Rust.
According to Rust, Cardinal launched the first version of its rental market at the beginning of the year, and "several thousand rental transactions" were completed with its help. It is expected that a second version with an improved user interface will be released in the coming days.
According to Rast, the startup also offers NFT stacking without escrow, which allows stakeholders to continue to benefit from any utility that their tokens offer.
"Among other verticals, we saw that this is especially useful for gaming projects that want to create stacking initiatives for their users without compromising their ability to play games," Rust said.
Cardinal claims that more than 65,000 NFTs are already being stacked using its protocol.
Cardinal currently employs four people. According to Rast, with the new capital available, the firm plans to hire at least three more people involved in the design and development of the business.
Cardinal is currently focused only on Solana, but plans to support other blockchains in the future.
"We have a desire for crosschainness, and we plan at some point to explore the possibility of transferring to blockchains EVM [Ethereum virtual machine] and others, such as Near and Aptos," Rust said.
As part of the initial round, the total amount of funding for Cardinal to date is $ 5.2 million. Last year, the firm raised $750,000 in pre-financing from Neo Ventures.
https://coin-signal.com/cryptonews/nft-cardinal-utility-protocol-for-solana-has-raised-4-4-million-in-seed-funding/
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