Codebase Ventures Inc (CSE:CODE) (FRA:C5B) (OTCQB:BKLLF) revealed that it has invested £100,000 for a 50% equity stake in London-based non-fungible token (NFT) start-up, InstaCoin.
"Code has worked with the principals behind InstaCoin through our existing TRAD3R investment and we continue to be very excited by their innovative approach within the blockchain ecosystem," Codebase CEO George Tsafalas said in a statement.
"Our existing relationship put us in a position to seize this opportunity, which allows Code to establish a 50% equity position at an early stage of the venture that aims to democratize NFT's rather than focus primarily on multi-million-dollar individual components."
InstaCoin, which is positioned as the world's first self-serve social NFT platform, will allow users to connect their social profiles to the blockchain and create instant NFT tokens from their own content. Followers and fans connect in the open market for immediate sales.
“With a one-off cost of $1 per NFT, this simple streamlined model will aim at targeting the millions of existing social media users to create sales and drive revenue instantly as well as a lifetime commission model from the secondary markets,” said the company.
The firm behind InstaCoin, is known for creating in-app stock trading game Trad3r, which has already achieved phenomenal success with a social trading platform of millions of users.
"After we built TRAD3R, we already understood what it meant to take complex stock trading and make it simple and appealing; we're just reapplying that same skill set with InstaCoin and the NFT market," said Rabin Zhang, the team's head of blockchain.
The recent interest around NFT has been focused on single expensive tokens, like Mad Dogs "Crash & Burn" which sold for over $3.9 million, but InstaCoin adopts a completely different approach.
“We think the future is in millions of low-cost NFTs ranging from $2-to-$20,” said Trad3r founder Gianni O'Connor. “We know that millions of people around the world have powerful cameras 24/7 via smartphones which makes them content creators already. With InstaCoin they can now financially capitalize on that content."
Codebase Ventures is a founding investor in InstaCoin and was previously a significant investor in TRAD3R, the simple app that creates an easy to navigate simulated stock market.
Codebase Ventures seeks early-stage investments in sectors that have significant upside. With its headquarters in Brooklyn, Codebase’s team members are based globally from Belgrade to Vancouver.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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