Atlanta Startup GigLabs Raises $4.5M to Bring NFTs Into Mainstream Sports, Entertainment
Friday, October 29th, 2021
Atlanta blockchain startup GigLabs raised $4.5 million to help sports and entertainment brands launch non-fungible tokens, or NFTs.
Why it matters: The raise, supported by Atlanta venture capital firm Panoramic Ventures, demonstrates the growth of a new trend in the crypto industry. NFTs use blockchain technology to produce unique digital products that people can buy or trade with cryptocurrency, usually digital art or digital sports collectibles. Atlanta has a strong crypto industry, grown out of its reputation as a financial technology hub. GigLabs partners with CNN and Turner Sports to power their NFT projects, showing collaboration among local startups and corporations. NFT sales grew to $2.5 billion in the first half of 2021, according to Reuters, a massive market opportunity for GigLabs.
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