Mintbase raises $1M in seed funding round to launch testnet on NEAR protocol

Mintbase raises $1M in a seed funding round led by Sino Global. It intends to launch NFTs testnet on NEAR Protocol owing to the low gas fees.

By · Nov 20, 2020 . 5min read

Mintbase raises seed funding news

Mintbase raises $1M in the seed funding round. The round was led by the Chinese venture capital firm Sino Global. Other participants involve D1 Ventures, Block Oracle Capital, Arweave, and other angel investors. The seed round will help Mintbase to differentiate from other existing NFT platforms. For the uninformed, Mintbase is a global platform that enables people to develop Non-fungible tokens (NFT) without worrying about technical issues. Artists can create NFTs to trade digital art, musicians can employ them for music, and event organizers can utilize them to trade tickets for their next event. 

Mintbase to launch testnet on NEAR Protocol

Mintbase will use the new funds to onboard new developers and designers to provide for a testnet launch on the NEAR protocol. Although developing on NEAR will be in supplement to its ongoing work on Ethereum. Moreover, it will also work on developing a governance token. Mintbase does not focus on one category of NFTs, unlike SuperRare, Rarible, or OpenSea.

Stating reasons as to why Mintbase wants to develop on NEAR protocol is due to low fees. The initial step to mint NFTs on Mintbase is developing a digital store to trade NFTs. For doing so, Mintbase users are required to develop a smart contract and pay gas fees on Ethereum. Users have to develop a store once instead of various stores. This is a costly part of the entire process. Initially, the fee was flexible, costing users about $2 in gas fees to use a store. However, the cost began to rise abruptly as the Ethereum network became increasingly jammed, and gas fees increased.

However, developing a store quickly increased the cost to hundreds of dollars in gas fees. This was when NEAR protocol came into the picture. However, NEAR gas fees are prominently more economical than Ethereum. This is because NEAR has a more effective contract execution model that needs less computation. After all, it utilizes a dynamic sharding approach called Nightshade. Thus, using a store and minting NFTs on Mintbase will become significantly cheaper. The NEAR Protocol simplifies the process of developing and deploying DApps, thus making it more comfortable, faster, and less expensive than any other blockchain.

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