Sotheby's Mojito Startup Raises $20M in Funding
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Oct. 21, 2021

Developer of Sotheby's Metaverse, Mojito, has raised $20 million with a valuation of $100 million from a pool of investors, including the British auction house itself. According to nft now, Mojito has also attracted funding from Connect Ventures, Creative Artists Agency and New Enterprise Associates.

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Mojito plans to use the proceeds to roll out new product offerings to complement the platform. The platform said it considers Coinbase's NFT marketplace and OpenSea as the main competitors on the NFT (non-fungible tokens) market.

The fundraising comes after Sotheby's launched the so-called "Sotheby’s Metaverse" platform by Mojito where users can view digital art available at auction. Sotheby's plans to sale a collection called "Natively Digital 1.2: The Collectors" from Oct. 18 to 26. The collection features 53 works from 19 NFT collectors.

Coinbase Opens Early Access to NFT Marketplace

The launch of the metaverse comes after Sotheby's started accepting cryptocurrency as a payment method via Coinbase Commerce. As Sanchan Saxena, Vice President, Ecosystem at Coinbase said, the trading platform supports payment estimated in the "eight-figure range."

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