Nifty's launches NFT-focused social media platform with $10 million in seed funding

NFTs • July 12, 2021, 10:00AM EDT
UPDATED: July 12, 2021, 9:37AM EDT
The Block

Miami-based crypto venture Nifty's has launched what it claims to be the first-ever NFT-focused social media platform.

Niftys.com first partnership, which is with Warner Bros., will feature a collection of limited-edition non-fungible tokens of characters from the upcoming live-action/animated film Space Jam: A New Legacy. The film stars basketball champion LeBron James and the Looney Tunes and will release in theaters and on HBO Max on July 16. 

As part of the initiative, Nifty's Inc has raised $10 million in a funding round with participation from Polychain Capital, Ethereal Ventures, and more. According to the company, the venture has received new support from several other entities, including Coinbase Ventures, Dapper Labs, Samsung Next and Topps among others.

The aim of the platform is to give users a platform to interact regardless of their familiarity with NFT technology. The platform allows its members to discover and create playlists of NFTs that can be shared with friends or on the platform without requiring ownership.

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"The emphasis on accessibility is rooted in Nifty’s belief that digital collectibles should be available for everyone to discover, share and enjoy and that technological and economic barriers to engagement should be eliminated," the press release read. 

Warner Bros. will award one limited-edition NFT to each user who registers on Nifty's and visits the Space Jam: A New Legacygallery to claim their collectible. Fans also have the chance to win a second NFT by sharing a post on social media about the collection. 

The series will feature James and eight characters from the Looney Tunes "Tune Squad," and digital collectibles will come in five different levels of rarity. Awards will be given out randomly. Additionally, collectors can also purchase additional collectibles (with randomized characters and rarity level) individually for $2.99 each. 

“We are excited to partner with Nifty’s on this new way for our audiences to engage with their favorite characters, connect with other fans and enjoy our movies on and off the screen,” said Pam Lifford, president of Warner Bros. global brands and experiences.

 

About Author

Saniya More (pronounced: Saan-ya Mo-ray) is a quadrilingual journalist at The Block. She got her master’s degree from the Columbia University Graduate School of Journalism and did her undergraduate degree at the S.I. Newhouse School of Public Communications, Syracuse University. Her work has appeared in CBS News, Bangkok Post, Thai Enquirer, Globalists, Byline Times and other publications. When she’s not chasing a story, you will most likely find her biking, tweeting, taking photos or creating Spotify playlists for every occasion.