Digital NFT arthouse Snark.art raises $1.5 million in new seed round

Funding will be used to create unique digital art projects and to launch its own token

Image: Snark.art

NFTs made quite a splash during COVID-19 lockdowns, with some digital works going for millions and millions of dollars. These non-fungible tokens give ownership to unique pieces of art in a growing digital landscape.

While the craze around the ownership of digital ownership has died down a bit, there are still stories every week about new works of art or memories being digitized and sold. Now, one of these websites that host NFTs has raised $1.5 million in a seed round.

Snark.art announced this week that it has raised $1.5 million in funding from Alphemy Capital. Funding will be used to create digital art projects with creators, as well as help fund the creation of Snark's own token.

Andy Alekhin, Snark.art CEO and co-founder, notes that “Snark.art is the perfect platform for those who feel exhausted from the flood of uncurated NFTs on the market. We believe that blockchain as a technology could transform art practice and produce new types of artworks."

With many NFT marketplaces available to buyers and sellers, Snark.art notes it wants to help set itself apart by working directly with artists to help them create the NFT before helping distribute it on the platform.

The press release notes, "Snark.art’s mission is to bridge the traditional and crypto art communities by helping traditional artists to leverage blockchain technology and NFTs in their work as a way to reach a wider audience and explore a new space within their practice."

Snark.art isn't the only company receiving funding for its projects. Bitski received funding recently, as did RTFKT. With so much of our lives going digital, it shouldn't be surprising that artwork ownership is, as well.