Singapore-based NIFTEX, the platform that allows for the fractional trading of non-fungible tokens (NFTs), announced a $500,000 funding round led by 1kx and joined by CoinFund, MetaCartel Ventures, Sparq and Digital Currency Group (CoinDesk’s parent company).
The company launched its alpha version five months ago and has generated more than $2 million in total volume, co-founder and CEO Joel Hubert told CoinDesk in an interview. He said the early uptake “proves we’re doing something people find interesting.”
NIFTEX has been seen as a factor in the resurgent popularity of digital collectibles, inspired in part by this summer’s decentralized finance (DeFi) craze. “Perhaps spurred by the DeFi Summer, NFTs are undergoing a second discovery cycle,” Hubert said.