Element, serving as an NFT asset aggregation trading platform, announced today that it has received a total of $11.5 million of angel financing led by SIG and Dragonfly Capital. To date, Element is valued at $50 million. The institutional investors and individuals participating in this funding round also include Drapper Roarka, a digital asset fund launched by Draper Dragon under Silicon Valley’s renowned investor Tim Draper, and INCE Capital, co-founded by well-known venture capitalist Gan Jianping, as well as other investors and individuals. A total of 10 institutions participated in this round of investment.
Element, headquartered in the Cayman Islands, was co-sponsored by Fred Wang and his long-time technology partner Hongliang Zhang. Fred Wang stated that “as an emerging entity, the rise of NFTs easily reminds us of the Amazon in the internet era. For example, compared with the traditional art auction marketplace, an auction based on blockchain will have a huge appeal to artists.”
Fred Wang disclosed the current plans in progress:
- To recruit talent and look for partners in the fields of research and development, product design and global business operations. Specifically, he is looking for people who have technical talents and experience in public chain, decentralized finance and financial products.
- To design the product to be a fully decentralized NFT asset aggregation platform. In the platform’s design idea, it supports cross-asset properties, cross-protocol categories and cross-public chain platforms.
- To cooperate extensively with global NFT projects. It plans to provide a variety of categories such as art, collections, music, metaverse games, etc.
- A decentralized autonomous organization. It promotes community building and cooperation, blockchain governance and incentive mechanisms.
Lu Guo, partner of Susquehanna International Group, stated:
“Crypto art is being highly valued in the NFT space, and we consider this to be a very positive sign. In the long run, NFTs will bring us tremendous imagination, and the NFT platform has opportunities to dig deeper into video, gamification and financialization. Although this market will not mature soon and our knowledge of NFT technology and value is only in its infancy, we are remaining optimistic about the future and hope that the Element team is bold enough to explore.”
Feng Bo, partner of Dragonfly Capital, commented:
“The NFT market is a big integration of Web 2.0 products and the Web 3.0 system. The Element team is the most prepared in the NFT trajectory, showing a good market vision and entrepreneurial passion. Team members in Element have good experience and execution in NFT platform architecture design research, DeFi smart contract design, algorithm recommendation and social product design. In addition, NFTs are the market that will test the team’s comprehensive scheduling ability in technology, product and operation, and I believe they are supposed to have something to do in the NFT market.”