The NFT market has been witnessing a major movement in recent times, and IreneDao is one such latest NFT craze. Social Collectibles or So-Col, the studio that helped developed the IreneDao project recently held their seed financing round and earned a solid $1.75 million. The round was co-led by Animoca Brands and DeFinance Capital, alongside investments by Three Arrows Capital, Antifund, Global Founders Capital, Kronos Research, Mechanism Capital, Double Peak group, and Genblock Capital.
So-Col is a platform that operates on the blockchain and develops collectibles known as utility NFTs. The IreneDao is one such range of collectibles developed on the social media influencer and co-founder of So-Col, Irene Zhao. Since its launch, a total of $5.58 million in NFT sales have been recorded within 10 days. This shows a massive surge in the market and garnered a dedicated user base for the platform. Using the So-Col platform, owners, as well as creators, can manage and trade NFTs.
Now, with freshly raised funds, So-Col will be presenting a better user experience on the platform as well as developing means of creator and owner engagement. Their primary goal is to ensure that the platform is accessible for newbie crypto enthusiasts, as it can be quite confusing for newcomers. There are a lot of developments that So-Col has in store. This includes an Ethereum based engine in association with StarkWare, and a protocol for decentralized identification, among others.
Clearly, the NFT segment has a lot more growth in store, and these key developments will help So-Col achieve a smooth transition to Web3 based services and solutions. The NFT segment has been able to garner mainstream attention from investors, and this will be key towards ensuring the longevity of this segment.