TooNFT has announced that it has successfully raised $1.75 million via its private funding round. The round was led by HG Ventures, with participation from notable names including GBIC, Alphabit, Adaptive Labs, Mindfulness Capital and Prestige Fund. The funds will be used to develop TooNFT’s blockchain-based webcomics platform atop of Toomics Ecosystem.
TooNFT Launches on Toomics Ecosystem
TooNFT, a blockchain-based webcomics platform, has raised $1.75 million during its private sale round. The team says the round was led by HG Ventures, with participation from several institutional investors including GBIC, Alphabit, Adaptive Labs, Mindfulness Capital and Prestige Fund.
According to the release, the newly launched TooNFT platform is regarded to be the part of the Toomics ecosystem, a leading South Korean premium subscription webtoon platform with more than 50 million active users and up to 10 million app downloads on iOS and Android.
With the launch of TooNFT, Toomics hopes to disrupt the existing webcomics ecosystem with non-fungible tokens (NFTs) and distributed ledger technology (DLT).
The TooNFT is based on the top of the Toomics ecosystem. Since its launch in 2015, Toomics has continued to wax stronger, thanks to its unparalleled product offerings and a solid profit generation business model, plus a solid backing from institutional investors.
The launch of TooNFT atop the Toomics ecosystem is part of the latter’s plans to bring NFTs, which is one of the hottest properties in the blockchain world at the moment, to the webcomics ecosystem. With the successful funding round, the TooNFT team will now be able to develop their webtoon NFT infrastructure and integrate it into the webtoon ecosystem, to foster meaningful improvement in the industry.
The team wrote:
“With the vision to embrace a decentralized future, the TooNFT platform has been built on top of the Toomics ecosystem in order to introduce the concept of NFTs to the comics and webtoon industry within TooNFT’s platform. The primary objective of the TooNFT is to bring improvements to the creative environment by powering a system that allows writers to attract investment via the P2P format without intermediaries.”
Notably, Toomics has inked numerous partnership deals with highly reputed companies in recent years including AfreecaTV, GMarket, Tencent, and KEB Hana Bank, amongst others. With annual revenue of over 60 million USD, Toomics is regarded as one of the largest webtoon platforms in the world.
TooNFT will leverage the content and production capabilities platform will build upon the existing foundations and successes of Toomics to become the world’s number one blockchain-based webtoon platform.
The TooNFT platform will initially support 11 languages including English, Korean, Spanish, and French, amongst others. TooNFT users will be able to trade their webtoon NFTs, make investments and raise funds on the platform in a peer-to-peer manner. The team says it plans to accommodate more content producers and make TooNFT interoperable with other webtoon platforms in the near future.
Source: Read Full Article