Investing in GigLabs: Bridging Brands and NFTs
We are delighted to officially announce our recent investment into GigLabs.
GigLabs is a builder of NFT solutions for brands, providing them with the tools needed to leverage their IP and build meaningful NFT experiences.
Our investment in their latest $4.5M seed round was led by Dapper Labs and Panoramic Ventures, with support from other leading investors such as Collab+Currency, Red Beard Ventures, Alumni Venture Group and others.
NFT stands for Non-Fungible Token — a digital asset that is unique for the qualities it has. If you’re still relatively new to NFTs and would like to learn more, please consider reading our previous blog post on NFTs written by Andrea Bonaceto, Partner at Eterna Capital.
There’s no doubt that NFTs have reached mainstream. Their use cases have exploded from art and collectibles, to access rights and royalties, gaming and brand loyalty.
This change in digital ownership has opened up new ways for brands and their fans to interact. However, as we see it, the current NFT infrastructure is limited and many brands lack the capabilities to create impactful NFT experiences.
There are wallet complications, issues with utility, or the lack thereof, congestion problems, low retention rates and other barriers to entry. GigLabs solves this by providing a set of easy to use tools for brands to bring their IP to life through NFTs.
‘We see NFTs not just being something for innovative, entrepreneurial ventures but also for large-scale enterprises that have the brand IP that will allow NFTs to really take off.’
With the help of GigLabs, brands can build meaningful NFT experiences that are scalable and customizable, leading to better user experience and loyalty.
GigLabs currently offers two flagship products for brands, the NFT Bridge and RareRooms.
The NFT bridge is a no-code needed, end-to-end API solution that enables brands to onboard audiences, mint and distribute NFTs on the Flow blockchain, create custom primary and secondary marketplaces, offer fiat on- and off-ramps and display solutions for a user’s collection.
RareRooms provides users with a trivial way to experience and show off their NFTs in the Metaverse. The virtual rooms are 3D and fully customizable. Users can display NFTs from multiple blockchains without the need to download anything. Nearly 10,000 RareRooms have already been created by collectors.
‘NFTs are the future of brand IP. NFT Bridge will help make that a reality.’
GigLabs has already worked and established partnerships with major brands, such as CNN, Bleacher Report, the University of Miami, and Speedway Motorsport’s RaceDayNFT.com, the first NASCAR related NFT project.
The team consists of NFT-leading blockchain engineers, operators and enthusiasts. Co-Founders Brian Burns, Douglas Dimola and Jon Parise have been working together on GigLabs since 2017.
“At GigLabs, we firmly believe that every brand will have an NFT strategy in the future,” says Douglas Dimola. “This funding enables us to expand the talent of our team to continue expanding our offerings to meet current and future demand, while also working with the best and brightest partners to continue to push this new innovation forward.”
With our participation in this round, we are pleased to be a part of GigLabs mission to empower brands to bring their IP to life on the blockchain. We are excited to support the team as they build out the infrastructure of tomorrow and bridge brands and NFTs to create meaningful experiences for users around the world.
About GigLabs
Founded in 2017, GigLabs is on a mission to empower brands, creators and collectors to create defining and memorable NFT experiences. The company partners with brands, agencies and creators to provide easy-to-use products for generating, minting, and selling NFTs that can be presented within fully customizable brand experiences, both on the web and in VR. Built by the GigLabs’ team of experienced blockchain developers and NFT enthusiasts, the API-driven NFT Bridge platform delivers flexible and scalable NFT tools that allow any brand to build any NFT experience imaginable.
RareRooms is GigLabs’ customizable 3D immersive metaverse for showcasing NFTs, including digital collectibles, art and more, integrated across multiple blockchains.
For more information, visit https://www.giglabs.io/.
About Eterna Capital
Eterna Capital is a UK-based venture capital fund focused on backing bold, innovative teams that harness the power of blockchain.
Launched in March of 2018, Eterna has invested in numerous high profile deals and is committed to helping entrepreneurs reach their ambitious goals by providing unique insights and support.
For more information, visit www.eternacapital.com
Disclaimer: This post is for general information purposes only. It does not constitute investment advice or a recommendation or solicitation to buy or sell any investment and should not be used in the evaluation of the merits of making any investment decision. It should not be relied upon for accounting, legal or tax advice, or investment recommendations. This post reflects the current opinions of the authors and does not necessarily reflect the opinions of Eterna Capital, its affiliates, or individuals associated with Eterna Capital. The opinions reflected herein are subject to change without being updated.
