NF3 has raised $1.65 million to build an exchange that enables swaps and options on NFTs. Backers include DWF Labs.
The startup was formed out of a realization that core parts of existing NFT infrastructure weren’t catering to collectors like them, Skittlewood said in an interview with The Block. They designed the exchange to solve these problems by offering derivative solutions, including swaps that enable collectors to trade NFTs and options that offer a buy-now-pay-later construct.
“Our goal with this platform is obviously we're launching the swaps and options, but we want to make it a one-stop-shop for web3 and its needs,” Skittlewood said.The platform is currently built on Ethereum, but it aims to be multi-chain, rolling out to chains where there are active NFT communities including Solana, Polygon and Tezos, Skittlewood said. It also aims to be cross-chain, which will enable people to swap assets between different blockchains, he added.
The funds will go toward hiring and smart-contract auditing, Skittlewood said, adding that the fundraise should provide about 18 months of runway.
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