Vaynerchuk Backs $7M Bet on You Wanting to Show Off Your NFTs IRL
As NFTs continue their invasion of the art world, one startup wants to help collectors display their collections in the meatspace.
Danvas said Tuesday it raised a $7 million seed round with investors including Greycroft, Lerer Hippeau, Waverley Capital, Gary Vaynerchuk’s VaynerFund, UTA Ventures, BDMI and angel investors Rich Greenfield and Jason Nazar.
The raise is just the latest example of startups looking to serve what JPMorgan now says is a $7 billion market for NFTs.
“Our goal is to create the most experientially compelling digital art frame in the world – one that invites you to interact with digital art, and ultimately convert you into a lifelong collector,” the startup’s founders, Jeanne Anderson (a former general manager of Saatchi Art) and Hernan Lopez (founder of podcast network Wondery), said in a release.
Right now, most displays on the market are approaching displaying NFTs as “a hack,” Anderson told CoinDesk in an interview. “They don’t want to show a beautiful piece of artwork on a sideways TV.”
Sam Wick of UTA Ventures says the investment is a bet that museums and auction houses will continue their embrace of digital art.
Added Vaynerchuk: “One of the missing links between the traditional and digital art worlds is display. How can you show your pieces in a way that matches their value and significance?”