CXIP Labs, a protocol aiming to fix common problems in NFT minting, raised $6.5 million in seed funding to launch a new product suite for creators, developers and businesses.
Bridge allows NFTs to be transferred between Ethereum Virtual Machine (EVM) blockchains. Core is a multichain application programming interface (API) for software developers, and Mint is a minting interface aimed at creators.
The new protocol Holograph, of which CXIP Labs will be the parent company, aims to make NFT minting and bridging more intuitive and cheaper, allowing NFT creators to create new works without extensive coding knowledge and for developers to bridge NFTs between blockchains easier.
CXIP Labs was originally founded by intellectual property lawyer Jeff Gluck and sought to protect the copyright of NFT creators. The protocol then expanded to tackle NFT issues involving verification, data impermanence, fragmented royalties and high minting cost on Ethereum. CXIP's technology has been used to facilitate NFT drops from Sotheby's Metaverse and Nifty Gateway.
Courtside Ventures and Wave Financial led the seed round, with additional funding from Vaynerfund, a venture capital firm founded by entrepreneur and internet personality Gary Vaynerchuck, the musician Diplo, NFT influencer Gmoney, Nadya from Pussy Riot, NFT artist Justin Aversano, Arca NFT Fund, Infinity Ventures Crypto, Kenetic Capital, Mirana Ventures, Company Ventures, Avalaunch, Soma Capital, Kosmos VC, Palm Drive Capital and others.
In addition to the funding round, CXIP Labs adds musicians Pharrell Williams and Joe Jonas to its board of advisors.
Last year, CXIP Labs raised a $1.7 million seed round (The Block Research's Larry Cermak and Lars Hoffmann participated in that round as angels).