In an exclusive interview with TechCrunch, Pinata, an NFT-focused media distribution platform, revealed it raised $21.5 million. These funds are part of a $18 million Series A round co-led by Greylock and Pantera, and a $3.5 million seed round led by Greylock and Offline Ventures.
Mike Duboe, Partner at Greylock, says the most interesting application of NFTs involves richer media rather than static .jpg files as today’s NFT activity centers around static .jpeg files.
Pinata was founded in 2018 by Chief Executive Kyle Tut and Chief Technology Officer Matt Ober. The company provides a secure content delivery platform that guarantees that users will get the media file associated with an NFT that they request. The platform uses blockchain technology to ensure that the files are safe from tampering or unauthorized changes. Pinata is also working on developing tools to help creators manage their own content and to allow users to share files with others in a safe and secure way. The company’s ultimate goal is to provide a better experience for users of all types of digital content.
In just the past year, Pinata’s revenue growth has increased an astounding 42 times year-over-year. And since January, its user base has increased a whopping 131% – from 104,000 users to over 240,000 users as of today. Opensea, DraftKings, Protocol Labs, Yuga Labs, Autograph, LooksRare, and others all use Pinata!
With this latest round of funding, Pinata plans to expand its team and build out new features like NFT templates, which will allow creators to mint NFTs more easily, and a marketplace where users can buy and sell NFTs created on Pinata.
NFT Marketplaces, metaverses, web3 apps, and other crypto projects are supported by Pinata. Among the blockchains users can use, there are Ethereum, Solana, Polygon, Avalanche, and Algorand, to name a few.