Spores Network Concludes $2.3 Million Funding Round

Spores Network, a creator-focused NFT and DeFi platform, announced on July 16 that it has raised $2.3 million in its latest funding round. According to the announcement, this funding round attracted prominent investors, including NGC, Vivian Capital, OIG, Maven Capital, Twin Apex, SL2, ExNetwork and SVC. 

Built on Cardano, Spores Network is one of the few crypto projects that have taken a bold leap with this untapped blockchain network. Spores users can mint NFT tokens to represent their creative work, thanks to the Cardano Mary Hard Fork (HFC), initiated earlier in the year. With Cardano set to activate smart contract capabilities, Spores users will be exposed to the decentralized world. 

The move by Cardano to activate smart contracts has been touted as an Ethereum’ killer’, speculating that DeFi and NFT projects will move away to leverage Cardano’s blockchain network. As we can see, this is already in action, with notable players like Spores network making a debut in both DeFi and NFT markets while integrating Cardano’s infrastructure as the building block. 

The Alibaba of DeFi & NFT Marketplaces 

Spores’ latest funding round comes as a boost to the project, which has been focusing on building a full-stack NFT platform. The project envisions an NFT platform that will allow users to mint, auction and exchange NFTs. In addition, Spores features cross-chain interoperability to enable users to interact with other DeFi products. 

Duc Luu, Spores Network executive chairman, has since expressed optimism in building Asia’s premier NFT Marketplace to match the status of Alipay and Alibaba, 

“We will launch Asia’s premier NFT marketplace and decentralized financing tools to be the Alibaba and Alipay of the crypto world. Our marketplace will bring to market creative verticals such as digital art, gaming, animation, celebrity, and esports, providing creators in those verticals a share of revenue and voice,”

Luu went on to further highlight that Spores is excited to have received the support of world-class crypto VCs and KOLs that share a similar vision of building a borderless, creator-centric, frictionless and community-driven NFT & DeFi ecosystem. 

NGC founding partner, Rodger Lim, was also keen to comment on Spores potential with emphasis on the project’s leadership, 

“Eric and Duc, with the combination of world-class hedge funding trading and business building skills and experience, are exemplary of our investment belief in founders first and markets second. Spores Network is building a full NFT and De-Fi ecosystem, beginning with an NFT marketplace to power value creation by focusing on depth and breadth of vertical expertise,” 

Following this latest milestone, Spores Network is set to launch its Initial Dex Offering (IDO) on Cardstarters, where anyone will be able to register as of July 23, 2021. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.