Social NFT platform DeFine raises $5M from Asian investors

The market for nonfungible tokens appears to be growing in Asia. Several companies and venture funds have backed DeFine in its quest to bring NFTs to mainstream audiences.

DeFine, a socially oriented nonfungible token platform, has raised $5 million in strategic investments as part of a wider effort to onboard more companies to the NFT world.

The raise was led by Huobi Ventures, eSports entertainment company Abyss and global game developer PearlAbyss, the company announced Tuesday. Several Asian blockchain funds also participated, including Draper Dragon, NGC Ventures and SevenX Ventures.

“It is my pleasure to have these major gaming and entertainment companies in Asia as strategic investors,” said Myoung Hoon Kang, DeFine’s global operations lead. “Strategic investment and partnership will allow us to jointly develop new market opportunities in various sectors.”

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As part of their strategic investment, investors will receive direct support from DeFine in connecting to the NFT market. The company has a lofty goal of becoming the largest NFT ecosystem in Asia. One of its core objectives is to bring NFTs to mainstream audiences, beginning with the gaming and entertainment industries.

DeFine describes itself as a social NFT platform for all types of creators, including artists, musicians, gamers, influencers and athletes. Users of the platform have NFT-based social profiles that reflect their contributions to the network and achievements.

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The sale of NFTs surged in the first half of 2021, reaching $2.5 billion, according to data from DappRadar. Gaming and entertainment are two of the most widely cited use cases for NFTs. Venture funds have recognized this trend and have poured millions of dollars into NFT-oriented startups this year alone.