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In Asia, the market for nonfungible tokens appears to be expanding. DeFine has received funding from a number of companies and venture capital funds in order to offer NFTs to a wider audience.
DeFine, a socially conscious nonfungible token platform, has raised $5 million in strategic funding as part of a larger drive to bring more businesses into the NFT space.
Huobi Ventures, Abyss, an eSports entertainment firm, and PearlAbyss, a global game developer, lead the round, the company revealed Tuesday. Draper Dragon, NGC Ventures, and SevenX Ventures were among the Asian blockchain funds that attended.
“It is my pleasure to have these major gaming and entertainment companies in Asia as strategic investors,” said Myoung Hoon Kang, DeFine’s global operations lead. “Strategic investment and partnership will allow us to jointly develop new market opportunities in various sectors.”
As part of their strategic investment, investors will receive direct support from DeFine in connecting to the NFT market. The company has a lofty goal of becoming the largest NFT ecosystem in Asia. One of its core objectives is to bring NFTs to mainstream audiences, beginning with the gaming and entertainment industries.
DeFine bills itself as a social NFT platform for artists, musicians, gamers, influencers, and athletes. Users of the platform have NFT-based social profiles that showcase their accomplishments and contributions to the network.
According to DappRadar data, the sale of NFTs increased by $2.5 billion in the first half of 2021. Gaming and entertainment are two of the most common NFT applications. This trend has been noticed by venture capitalists, who have spent millions of dollars into NFT-focused firms this year alone.