By Samuel Indyk
Investing.com – NFT Investments (AQUIS:NFT), the investment vehicle specialising in non-fungible tokens (NFTs), announced on Friday it had invested into Sturdy Exchange, a marketplace to display, collect and trade NFTs created by artists and performers.
The company invested $1.4 million as part of a seed round to raise a total of $20 million by Sturdy Exchange.
Sturdy Exchange is a subsidiary of the creative agency Sturdy Agency, who works with top tier artists such as Drake, Selena Gomez, and Kendrick Lamar. Sturdy Exchange is to work with Sturdy Agency to on-board artists and help them create and drop their NFTs.
The platform will allow the artists to mint the NFTs and distribute directly to fans. Users will be able to interact with creators and be able to resell the collections using the Sturdy Exchange Marketplace.
The company will issue the NFTs using the open network blockchain Flow Network.
The investment marks the fourth that NFT Investments have made since their IPO in April.
“The demand for NFT generation in the music and entertainment industry is surging and Sturdy Exchange provides an exciting opportunity to work closely with high profile musicians and entertainers,” said NFT Investments CEO Jonathan Bixby. “By building on the Flow Network, Sturdy Exchange will be able to help democratise access to NFT's at affordable price entry points, providing users with an accessible platform to engage with and support their favourite artists.”