Dapper Labs backs art hardware startup Infinite Objects in $6 million seed raise
The NFT world is all about reshaping the idea of digital ownership, but art hardware startup Infinite Objects sees a big opportunity in making physical copies of those assets as it looks to reshape digital art and collectibles.
The startup makes screens that show a single video from a single artist and don't do anything else. You can't download apps to the screens or upload your own photos to them or check the time or weather. If you even want another piece of art from Infinite Objects, you can't just download it, you have to actually go to their site and buy another display with that artwork on it. Each screen boasts information about the work, edition numbers and serial numbers etched on the back of it, inextricably tying the physical display to the work that it displays.
Infinite Objects CEO Joe Saavedra tells TechCrunch they've raised $6 million in seed funding from a host of backers including Courtside VC, which led the deal, and NBA Top Shot creator Dapper Labs.
For the longest time, Infinite Objects was an NFT platform without the NFTs. The company has worked with artists since 2018 to make (often limited run) series of physical display frames highlighting a specific digital work of the artist that looped forever. Sure, users could watch that looping video on the Infinite Objects website whenever they wanted, but the value was in owning an official copy of that artist's work. Sound familiar?
When the wider popularity of NFTs as a speculative asset hit earlier this year, Saavedra saw a huge opportunity as internet users began discussing the future of digital art and digital scarcity. His team had already flirted with NFTs, partnering with artist Beeple back in December - months before he would spring out of relative obscurity in art circles with a $69 million sale at the Christie's auction house - to release physical tokens" of NFTs he was selling on the platform Nifty Gateway.
TONIGHT 7PM EST
@niftygateway https://t.co/QeeDdBSNCv pic.twitter.com/JyGEEUahok
- beeple (@beeple) December 11, 2020
Saavedra sees a bigger opportunity for companies and creators in the NFT world to make their assets more approachable and understandable to a general audience with what his company is building, but he also sees a chance to transform NFTs from blind ownership to something more focused on actually appreciating the digital art that's been purchased.
When it comes to ownership, it's exciting to be buying an NFT for $500 or $5,000, but what's not exciting is having to open Safari on your phone to show it off," Saavedra tells TechCrunch. This physical vessel that we've designed is just so understandable for people who maybe don't even understand what the blockchain at all, but they certainly understand limited edition physical merchandise."
Saavedra is dismissive of other digital displays that cycle through artwork and says that art owners could also just toss images of their NFTs onto the TV if they wanted to, but that they all only serve up art as glorified screensavers."
The team at Infinite Objects sees broader opportunities in the NFT world but they've been tight-lipped on exactly what these efforts will look like. You can see some potential hints in the list of backers in this round, including most interestingly NBA Top Shot creator Dapper Labs. The startup has been building out its own blockchain called Flow and Saavedra was quick to sing its praises in our conversation, noting that its more scalable and sustainable than the Ethereum network. Dapper Labs recently announced its first major third-party NFT platform, partnering with avatar startup Genies -another investor in this round - for a digital accessories storefront that's being launched this summer.
Serena Ventures, Betaworks, Brooklyn Bridge Ventures, GFR Fund, Kevin Durant & Rich Kleiman, Genies, and Ashton Kutcher's Sound Ventures also participated in the round.
Avatar startup Genies scores $65 million in funding round led by Mary Meeker's Bond