German Startup FUEL Raises €1.5 Million Despite Signs of NFT Bubble Burst

Berlin-based startup FUEL has successfully raised €1.5 Million this week despite increasing signs that the NFT bubble is on the verge of popping. The investment will help the company continue to mint digital tokens. 

The company has set its eyes on becoming the “Shopify for NFTs”. 

This was the pre-seed round in which a bunch of other investors participated including London-based Seedcamp, Notion Capital, FintechCollective, and more. 

Some of the angel investors such as David Osojnik, Bitstamp CTO, Paul Forster, Indeed founder, and Michael Pennington, Co-founder of Gumtree also joined the round. 

SEE ALSO: Kickstarter Decelerates Blockchain Rollout amid User Backlash

FUEL – the Shopify of NFTs?

Shopify, as we all know is an e-commerce platform that enables independent stores to sell their products. On the other hand, FUEL allows digital creators to build their own customer-branded NFT stores. 

FUEL was founded by Thanh Binh Tran, Stefan Tietze, Csongar Barabasi, and Patrice Deckert. The main objective of the platform is to bring NFTs further into the mainstream, by bringing it in the hands of millions of creators and their fans. 

FUEL is primarily based on the idea that artists will not require technical expertise to launch, manage, and expand their NFT offerings. 

Csongor Barabasi, Chief Technology Officer, FUEL said that the platform is entirely developed for different types of creators including musicians, social media creators, and digital artists. 

Barabasi added that these users can sell all types of digital content, from videos to images, and even in-game collectibles, VR merchandise, and tickets. 

The rise of NFTs since 2021

Non-fungible tokens (NFTs) were a major talking point in 2021 as their popularity reached the sky in 2021. However, trends suggest that the hype around these digital tokens is gradually mellowing. 

As per many experts, the NFT bubble is on the verge of popping, which may affect its sales in the future. However, despite these concerns, FUEL has successfully raised funds in the pre-seed round. 

Despite what the trends suggest, FUEL’s founders highlight how the sales of NFTs have skyrocketed from $95 million in 2020 to $25 billion in 2021. 

According to the Investment bank Jefferies, that figure could touch a staggering $80 billion by the end of 2025. 

There has been a lot of development in the NFT space since Beeple managed to sell a piece of art as an NFT for a whopping $69.3 million at an auction in March 2021. 

Since then, a lot of people have expressed their desire to be involved in the NFT market. 

Even social media platforms including Twitter and Facebook (now Meta) are doing their bit to get their skin in the NFT game. 

For instance, Twitter introduced hexagon-shaped display pictures for users who own verified NFTs. Even Twitter’s owner solid his first tweet as an NFT for $2.5 million in 2021. 

Although experts believe that the NFT bubble is very close to popping, companies such as FUEL are attracting investments. Will the trend continue or will the NFT market hit a rough patch in the near future?

Leave your comments below and tell us what you think. 

SEE ALSO: NFTs Worth $1.7 Million Stolen from Opensea Users

Feature Image: Image by mohamed Hassan from Pixabay

 

 

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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