NFTs News

Web3 Fashion And Lifestyle Platform YoloYolo Closes $3.5 Million Seed Round

YoloYolo, a new platform that links NFT owners with companies to sell items, has acquired $3.5 million in a seed fundraising round led by crypto-focused investment company ParaFi Capital, Mirana Ventures, and Morningstar Ventures.

YoloYolo co-founder and CEO Jason Hu said that the funding would help hire additional people and bring on more companies.

Avalanche Ventures, UOB Venture, Signum Capital, Genblock Capital, and Yolo Investments also participated in the investment round. Individual investors included SoftBank’s Vision Fund’s Neil Cunha-Gomes, Nicole Zhang, a former partner at crypto exchange Binance, and Mike Dudas, creator and former CEO of The Block.

“One of the biggest problems in the NFT space, that’s also an opportunity for us, is there’s not enough utility. People spend a lot of money on their Ape NFTs, and especially during this winter, prices drop a lot. We’re just trying to help them generate some revenue from all of the merchandise,” Hu said.

YoloYolo already has a relationship with DEKE, a famous Asian streetwear brand. Partnerships are in the works with charging accessory company Anker, frisbee manufacturer Europa, and cooler brand YETI.

ParaFi Capital Vice President Anjan Vinod said in a press release:

“We frequently see brands, content producers and IP owners looking for ways to plug into the NFT space. We believe YoloYolo is building the critical technology stack to allow brands to launch and distribute their NFTs in a seamless manner.”

The YoloYolo app, which is set to launch in March, will connect top NFT intellectual-property holders with fashion and lifestyle firms and innovators. YoloYolo will sell the item and keep a portion of the proceeds.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.