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3LAU Backs $7.6 Million Funding Round to Launch NFT Social Network

phase888 | May 7, 2021

Showtime allows users to like, comment, and even bid on NFT art shared by creators.

Believe it or not, it seems 3LAU‘s NFT endeavors are just getting started.

CoinDesk reports that the famed electronic music producer and cryptocurrency pundit has helped bankroll a $7.6 million injection for Showtime, a new “NFT social network.” Crypto investment firm Paradigm also backed the funding round for the platform, which allows users to discover and showcase NFT (non-fungible token) art.

Showtime operates in a similar fashion to Instagram. The platform has a dedicated News Feed and allows users to like, comment, and even bid on NFT art shared by creators. “We’re turning the world of social media on its head by putting users beyond platforms,” said co-founders Alex Masmej and Alex Kilkka in a statement.

“Paradigm is inspired by Alex’s vision of building a user-owned NFT social network, and we’re excited to support the Showtime team as they create the premier NFT consumer platform and revolutionize creator monetization,” Paradigm’s Arjun Balaji added.

3LAU has established himself as a pioneer in the NFT space. In February 2021 he broke the record for NFT sales in the first-ever tokenized album drop, a benchmark that was eventually eclipsed by an astonishing $69 million sale by elite visual artist Beeple. In April he was announced as one of the judges of NFTs: The Pitch, a Shark Tank-like NFT funding contest that also counts Ashton Kutcher and Mark Cuban as investors.

To find out more about the NFT boom and their collision course with the EDM community, read our interview with the founders of Nifty Gateway, one of the space’s most popular marketplaces.

Written by phase888

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