Since launching in 2018, our goal at Pinata has been to help creators build, manage and distribute content without limits. Now, almost five years later, we have over 240,000 creators worldwide who use Pinata to build marketplaces, metaverses, dapps, and NFT projects across all blockchains.
No, we’re not just getting started. But we’re definitely about to start cranking things up. We've got a feeling that this web3 thing we’ve all grown to love is about to start realizing its star potential, and we’re excited to help set the stage.
With that, we are excited to announce our latest $21.5M funding round co-led by our friends at Greylock, Pantera, and Offline Ventures, joined by additional investors at Volt Capital, Opensea, and Alchemy. We’re honored to have leading tech and web3 investors join our team. And while raising money in itself isn’t a marker of success, it’s definitely a positive and awesome sign of where things are going.
We’ll use this new round of funding to continue investment in our technology infrastructure. Pinata is already the most stable and efficient conduit to the IPFS network, but we can always get faster, more secure, and more efficient. For our creators that means faster uploading, customized experiences for different file types, team accounts, and more ways to engage with your audience.
While many of our customers initially came to us as a storage solution to connect to the IPFS network, over the last year, we’ve been focusing on ways to give web3 creators the features that help them create truly unique experiences, and distribute content to their audiences. Recent features include Dedicated Gateways, enabling creators to have custom branded, private IPFS nodes that fetch content quicker than the public network, Resizing IPFS images, streaming video through IPFS, and of course Submarining, a core feature that brings token-gating to the next level.
We’ve also been busy with a new website, a better pricing model, and lugging our 8-foot pinnie to NFTNYC.
So yeah. We've been busy. And while this new round of funding means we can keep building on the technology side, it also means we can spend more time focusing on education. We want to bring web3 to a wider audience, and help the world see what's possible with a bit of creativity and a platform that, well, rocks. We love our technical creators, but we also want to see our no-coders continue to thrive.
Needless to say, we’re excited to keep this thing rolling and give you and all the creators in our community the power to own your platform. We couldn't do it without you—from the conversations on our Discord to the healthy stream of Twitter shoutouts. It’s all love. And while we're proud of the big partnerships we've made with companies like OpenSea, LooksRare, Draftkings and YugaLabs, for us it's even more special to support those who are just getting started on their journey.
Thank you all. And as always, happy pinning.
PS: As we continue developing our platform, we are also committed to expanding our team with insightful thinkers, builders and web3 enthusiasts who want to help shape the future. If that’s you, get in touch.
paragraph — The first thing the music industry needs is more exposure. For artists, listeners and yeah, the labels. Even with the use cases mentioned above, the majority of the music industry still sees NFTs as a novelty rather than a legitimate way to run a business. We see a future where the experience is built and monetized on the blockchain, with labels taking part of the experience, as well.
Second, there needs to be a big jump in user experience. Listeners know what to expect with Spotify and Apple Music: a smooth, intuitive experience that lets them listen to Lil Nas X with just a few clicks. Web3 platforms aren’t quite there. Music NFTs and related premium content require extra steps that most people don’t yet have an appetite for.
paragraph — Musician Daniel Allan spent months building a relationship with the NFT community and raised 50 ETH to fund his new album, Overstimulated. Companies like Audius and artists like Vérité's, who raised $90,000 in an NFT launch, are at the forefront of exploring new ways to get paid. Avenged Sevenfold launched an NFT collection called "Deathbats Club" with 10,000 items that grants holders access to benefits such as meet and greets at shows, lifetime free tickets, limited edition merchandise, and more.
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QUOTE — Everyone is obsessed with making money and seeking alpha, which does a disservice to what [NFTs] can actually do. We have been instructing many bands that NFTs are a ticket for access to an exclusive club.” - M. Shadows, Avenged Sevenfold’s lead singer.