Hyperspace.xyz nabs $4.5m seed

Hyperspace.xyz, an open web marketplace for Solana NFTs, has secured $4.5 million in seed financing.

Hyperspace.xyz, an open web marketplace for Solana NFTs, has secured $4.5 million in seed financing. Dragonfly Capital and Pantera Capital led the round with participation from Jump Capital, Solana Capital, NFX, Galaxy Digital, Shima Capital, Coinbase Ventures, Sfermion, 6th Man Ventures, Soma Capital, Social Capital, and Folius Ventures.

PRESS RELEASE
NEW YORK, NEW YORK—February 15, 2022—Hyperspace.xyz, the open web marketplace for Solana NFTs, today announced the closing of a US$4.5 million Seed Round of financing, led by Dragonfly Capital and Pantera Capital, with participation from Jump Capital, Solana Capital, NFX, Galaxy Digital, Shima Capital, Coinbase Ventures, Sfermion, 6th Man Ventures, Soma Capital, Social Capital, and Folius Ventures.

Founded in September 2021, Hyperspace.xyz, originally launched as Solanalysis.com, is an open web marketplace for Solana NFTs, providing user-friendly discovery, tooling and shopping aggregated across all marketplaces. Users can track the Solana NFT market, discover and analyze new NFT collections, as well as mint and trade NFTs on Hyperspace.xyz. Through its full suite of user-friendly NFT tools, Hyperspace is driving openness and composability in web3 and allowing anyone to share in the marketplace economy.

NFTs have gained significant traction in the Solana ecosystem, leveraging Solana’s low fees and high scalability to give rise to a burgeoning developer and creator community. With the emergence of multiple NFT marketplaces serving this market demand, creators and collectors have experienced increased fragmentation across various centralized platforms, resulting in decreased liquidity and reduced discovery opportunities. By addressing this, Hyperspace is creating improved liquidity on both ends and visibility for NFT collections and creators.

With its commitment to promoting the openness and composability of web3, Hyperspace has developed its own marketplace smart contract and is developing a suite of tools for creators and users, including SDKs and APIs, which will allow third-parties to build their own frontends and share in the marketplace economy. The company has also developed a creator launchpad to help creators and brands set up their own web3 store and monetize digital goods for their audiences.

Hyperspace.xyz is led by a team of experienced founders in the blockchain and technology space, including co-founders Kamil Mafoud, Santhosh Narayan, and Johnny Tan. With the surging popularity and development of the NFT market, the team recognized the lack of basic infrastructure and tooling in the Solana ecosystem, and set out to create a truly open NFT marketplace experience that would bring together projects across platforms to provide a great user experience that encourages discovery and community sharing.

“With the increasing mainstream adoption of NFTs, we believe in a world where users can buy and sell NFTs anywhere without limitation by any one centralized party. Hyperspace is building an aggregated NFT marketplace that allows users and creators to be able to enjoy the openness and composability of web3 in its purest form, something that has not been realized to this point,” said Kamil Mafoud, co-founder, Hyperspace. “In doing so we are creating a more decentralized, resilient, and open future for NFT collectors and creators.”

With this round of financing, Hyperspace will focus on product development, recruiting engineering talent, and ramping up marketing efforts. Hyperspace will implement a product roadmap with a vision of creating a full-featured and open NFT platform, starting with building out robust systems and infrastructure; adding features to empower users such as analytics, social tracking and community tools; and developing a suite of tools to allow partners to create decentralized frontends.

“Just as aggregators have taken material volume in the decentralized exchange market, so too will NFT aggregators roll up the NFT exchange marketplace. Hyperspace provides a strictly better experience for buying and selling NFTs by giving users best pricing and fixing the fragmented NFT exchange market. We’re excited to be backing the stellar Hyperspace team and look forward to partnering with them on their journey,” said Tom Schmidt, Partner at Dragonfly Capital.

“In the world of open-source and ease of fragmentation, Hyperspace provides needed aggregation through a unified front-end that allows everyone to be able to surface NFT listings anywhere on the web,” said Paul Veradittakit, Partner at Pantera Capital. “The team has demonstrated expectational capabilities and knowledge of the sector through analytics, and we look forward to supporting the Hyperspace team as they push the boundaries of the NFT marketplace into a truly decentralized future free from pockets of data control and ownership restrictions.”