Showtime Announces $7.6MM Funding Round
The race is on for building the social network of NFTs. Showtime appears to be the furthest along but there are a number of competitors preparing to launch. In order to further solidify their position in the market, the company announced $7.6mm in funding earlier today from a number of popular investors.
The founder, who is known for tokenizing himself last year, plans on integrating some of that concept with the help of the new funding round. For the time being, the Showtime product is much more focused around showcasing your NFT portfolio. However that functionality alone has driven significant adoption.
If you peruse various crypto artists’ Twitter profiles, you’ll quickly realize that many of them are linking to their Showtime page. The real question is how sticky such profiles are. If you can import your artwork to another social network in a couple of clicks, there’s not much lock-in.
That said, the profile link is one of the last remaining viral channels is the world of social media and the company has exploited that well. It will be interesting to see how the company’s strategy evolves with this additional funding.