UNIQUE NETWORK INCREASES US$11.3 MILLION FOR NEXT-GENERATION NFT INFRASTRUCTURE

KUALA LUMPUR, Oct 26 -- Unique Network, a next generation NFT chain for Polkadot and Kusama, has announced raising US$11.3 million in the second round of its pre-sale, bringing its total raised to US$16 million. (US$1 = RM4.150)

The investment round was led by Web3 investment pioneers Outlier Ventures, who were joined by some of the most well-known NFT investors.

The investors included The LAO, Flamingo, Nalu Capital and over 200 other investors, including a number of follow-on investments from its previous funding round, especially with the quality and quantity of investors involved, positioning Unique Network well for the upcoming launch of Quartz, its NFT chain for Kusama.

“Despite all the current buzz around NFTs, there is still a massive barrier to entry,” said Unique Network co-founder and CEO Alexander Mitrovich in a statement.

“Gas fees, the need to purchase cryptocurrencies, storage, and even the fact that NFTs have limited features for artists to express their vision, all hold the industry back.

“Unique Network and our Kusama chain, Quartz, are built to solve the economic and storage problems with Ethereum-based NFTs and create new levels of interaction and malleability that will take NFTs to the next level.”

Unique Network will participate in the upcoming parachain auctions for Kusama, during which they aim to secure a parachain slot for Quartz, their new canary network for Kusama. Beginning Oct 27, interested parties can participate in the crowdloan to help Quartz win the auction.

In the five months since its first investment round, Unique Network has announced various partnerships including with the UN-led DigitalArt4Climate Campaign with GloCha, RMRK, Art Curators Grid, Forever Has Fallen, and more.

With the impending launch of Quartz, Unique Network will be able to help even more projects and artists develop their NFT marketplaces and experiences.

-- BERNAMA