Loading popular tokens...

Based Raises $3.5 Million For Communications Infrastructure

Solana NFT project Based goes the venture capital route, raising $3.5 million for their upcoming communications platform.

August 3, 2022 by Illustrious

Upcoming communications platform, Based, announced its $3.5 million pre-Seed raise. Being designed with NFT communities in mind, Based intends to allow users to gather around token-gated groups and private chats to change how people build connections in the expanding digital world.

Image of NFT in collection
Source: Based

The pre-Seed raise was led by Progression Fund, with other investors such as Hannah Grey, Collab+Currency, Palm Tree Crew, Franklin Templeton, GFR, and SolBigBrain joining the round.  

Based also recently released their NFT collection, MKRS, to provide a stronger connection for those within their app. Based uses this collection to provide incentives for using the app, as well as to run initiatives for bringing people/communities into the product to join the larger Based ecosystem.

The hybrid model of conducting a raise for financing Based's operations and also building their own NFT community allows for NFT proceeds to be placed back into the MKRS community. They are also not reliant on royalties, as recently marketplaces have made moved away from enforcing royalty payments. This allows for Based to focus on delivering their product and creating an organic and healthy community around the MKRS.

Developing on Solana to start, Based provides personalized feeds for users to stay up to date with NFT activity from their friends in real-time, while also being able to stay up to date with groups and project news. The platform helps digest the many transactions on Solana to only the ones that users actually care about. They could then share and discuss these actions with their groups and friends within the app, reimagining how NFT circles form and connect.

Latest News

Loading related articles...