Minteo, an NFT marketplace based in Latin America, announced that it successfully raised $4.3 million in seed funding to bring NFTs and introduce Web3 to the Latin American region – according to Businesswire post on Thursday.
The round was backed by renowned companies, including Dune Ventures, OpenSea Ventures, Fabric Ventures, CMT Digital, Impatient VC, SevenX Ventures, FJ Labs, Big Brain Holdings, G20 Ventures, Susquehanna Private Equity Investments, Alliance DAO, AngelDAO, Zero Knowledge, and others.
The marketplace will provide many benefits for those who work in the digital arts. There will be an opportunity for artists, collectors, brands, creators, and gamers to buy, sell or trade digital art; anything related to a digitized world.
The marketplace wants to onboard its millions of users onto the Web3 through NFTs, believing it will achieve quicker adoption and increased mainstream than traditional cryptocurrenciessaid Santiago Rodriguez, co-founder, and CEO of Minteo.
Latin Americans love art, music, dancing, and socializing. This is engrained in the fabric of our community – Through Minteo’s NFT platform, Latin Americans will now be able to celebrate these incredible aspects of our culture. We truly believe that the region is ready for increased Web3 adoption, and the net effect it will have for many creators and communities will be life-changingsaid Rodriguez.
The region has a reputation for being an influencer-driven economy where people believe in buying from creators. Besides Chinese and Indians, Colombian, Mexican, and Brazilian citizens rank among the top 5 who trust creators the most. One-third of all internet users in this region follow an influencer, while over 40% of people from Brazil reported purchasing a product endorsed by a creator.
Latin America needs an NFT marketplace that caters to local creators’ needs and offers convenient payment methods. It is necessary to provide fiat on-ramps to encourage the adoption of NFTs in this region, says Javier Lozano, Co-Founder, and CTO at Minteo.
Furthermore, Lozano added,
Minteo’s focus on truly empowering creators, collectors, and other users – combined with its simple, easily navigable interface.
Minteo is led by a talented management team with extensive experience in Web 3 and internet technologies and has grown into a company we believe is poised for significant growth. CMT Digital is excited to invest in Minteo, said Sam Hallene, Investor at CMT Digital.
With NFTs, there are great opportunities for Minteo to evolve into the leading market for goods and services in Latin America. Furthermore, In just six months, this team had come so far from the first day, when it was just an idea on my laptop, to today, where they closed their first seed round and started developing a complex product- all in such a short time, says Imran Khan, Partner at Alliance DAO.