Photo platform NFT Quantum Art raised $7.5 million Series A led by True Ventures.
Quantum Art was co-founded by Justin Aversano, creator of the main NFT photo project, Twin Flames.
Photography is a growing market within the NFT industry, and Justin Aversano has helped lead the movement with his increasingly requested Twin Flames project. Now quantum art, the Ethereum-based NFT platform he co-founded last fall, has launched a series A to bring on even more creators and broaden its scope beyond photography.
Today Quantum Art – which Aversano co-founded with Kris Graves, Alexx Shadow and Jonas Lamis – announced that it has raised $7.5 million in a Series A led by True Ventures through its partner and NFT enthusiast, Kevin Rose.
“True Ventures is excited to lead this round of investment in Quantum,” Rose said. Decrypt via a declaration sent by e-mail. “We believe that building a community tied to curating diverse artists is key to unlocking digital literacy. We believe the Quantum team has positioned itself to be a leader in Web3.”
Other tour participants include Gary Vaynerchuk, creator and investor of NFT—which also has two twin flames pieces—as well as the NFT-centric Flamingo CAD. Other anonymous art collectors and NFT figures also participated, according to the organization.
lamis said Decrypt that Rose started talking to the team as soon as Quantum Art launched at NFT.NYC 2021 last November. Quantum Art planned to increase its Series A in the first half of 2021, following its $1 million seed round last year, but Lamis said Rose “dropped us a term sheet” the next day after having discussed the future of Quantum.
“One word came out that we were raising, a bunch of other people wanted to participate as well,” Lamis said. “And so we had the opportunity to bring in our other favorite NFT investors and collectors in the community, as well as friends of Quantum who also joined in on the rounds.”
Quantum art was inspired by popular Generative Art Platform Ethereum Art Blocks– which has generated more than $1 billion in trading volume to date, per CryptoSlam— albeit with an initial focus purely on photography. The platform has to date launched projects by photographers such as Graves, Amy Elkins, Erica Simone and Alberto Rizzo.
“The first few months were about community and connecting collectors with top artists,” Aversano said. Decrypt. “It has been extremely rewarding to see the two come together and explore this new industry.
An NFT works like a receipt or deed of ownership for a unique digital item. Photography is a use case for NFTs, along with digital artwork, profile pictures, music, video game elements, and more. The broader NFT market exploded in 2021, generating some $25 billion trading volume, according to DappRadar.
Quantum Art was launched on the back of Aversano’s rising star in photography, with his twin flames bringing together fans like Vaynerchuk.
In October, Aversano sold a Twin Flames NFT alongside a set of physical prints for $1.1 million at a Christie’s live auction, exceed selling prices of the work of Ansel Adams and Diane Arbus. Aversano had also sold a Twin Flames piece through Sotheby’s.
Quantum Art started exclusively with drops selected by the core team, but has recently expanded to incorporate the work of photographers chosen by the community. Like Art Blocks, Quantum now has multiple tiers of collection between its Curated and Community brands.
While photography is Quantum Art’s big hook for now, Lamis considers the platform’s unique approach to drops – with most projects featuring between 50 and 100 distinct NFT images, each dropped randomly. for buyers – as another key differentiator. Quantum is now looking to expand beyond photography into other artwork formats, while still maintaining that curated drop style.
The demand for photographic NFTs has increased even since Decryptprofiled Aversano in October and explored the rising market. Isaac “Drift” Wright Collection “Where are my Vans going” has received significant attention lately, for example, with coins selling for over 60 ETH ($187,000) each in recent weeks.
Quantum Art’s own curated collection has generated over 1,500 ETH (over $4.7 million at present) in secondary sales, per OpenSea. Aversano said he has seen “exponential growth” in the NFT photo space and expects further momentum, with quantum art offering creators a way to enter the space and collectors discovering a wide range of works.
“I expect that to continue into 2022,” Aversano said, “as more and more artists and collectors realize the power of NFTs and how lives can change for the better. “