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Blockchain Art Market MakersPlace Launched By Pinterest Employee Raises $2M

MakersPlace allows creators to generate fingerprints on their artworks to show the ownership.

Blockchain Art Market MakersPlace Launched By Pinterest Employee Raises $2M

MakersPlace raises $2 million in a seed funding round. The investment was backed by Uncork Capital, Abstract Ventures, Draper Dragon Fund with participation from Pinterest, Coinbase, Facebook and Zillow.

MakersPLace, a blockchain art startup allows the creators to sell art prints online and in return, it charges 15 percent commission. Artists receive the payment in the form of unexchangable cryptocurrency token that they can keep in their MakersPlace crypto wallet or own crypto wallet.

Artists do not require to have in-depth knowledge of blockchain tech; they can easily fingerprint their creations. For online art sales, artists just need to give their photo ID then an ERC-20 will be created for their every work.

After a year of beta testing, the San-Francisco based startup finally launched its online platform yesterday.

MakersPlace co-founder and former Pinterest employee, Dannie Chu, said,

He further added,

Blockchain

Working as an employee at Pinterest, Yash Nelapati saw the business opportunity in Pinterest drawbacks. He created a platform called MakersPlace to sell digital artwork. It allows the artist to produce blockchain fingerprint for their creations which will help in the authenticity of the artworks.

Uncork Managing Partner, Jeff Clavier stated,

Traditionally, the online Art Sales industry sell their original artwork via e-commerce channels. According to reports, the industry is expected to grow larger, increasing at a rate of 11.3% annually to $2.2 billion over the five years to 2018.

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Arpit Dubey
Written By
Arpit Dubey
Arpit is a dreamer, wanderer, and a tech nerd who loves to jot down tech musings and updates. With a logician mind, he is always chasing sunrises and tech advancements while secretly preparing for the robot uprising.

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