NFT start-up Lysto on Thursday said it has raised $3 million (about ₹22.3 crore) from various entities, including BEENEXT, Better Capital and Cloud Capital.

The seed round saw participation from angel investors and entrepreneurs, including Binny Bansal (Flipkart co-founder), Sandeep Nailwal and Jaynti Kanani (Polygon co-founders), Pradyumna Agarwal (Temasek Managing Director), Nitish Mittersain (Nazara Games founder) and Kunal Shah (Cred founder).

Besides, Ashish Hemrajani and Parikshit Dhar (BookMyShow co-founders), Anupam Mittal (Shaadi.com), Ashish Gupta (Helion Ventures founder), Kumar Sudarsan (Qwikcilver founder) and others also participated in the funding round, according to a statement. The funding will help with product development and allow Lysto to invest in the expansion of team that will help achieve its mission of furthering and simplifying the adoption of NFTs, it added.

NFTs

An NFT (Non-fungible token) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore, not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

In an increasingly digital world, businesses and consumers are turning to NFTs as a means of establishing unique ownership of digital assets on the blockchain.

Lysto, which was founded in 2021, has offices in Bengaluru and Singapore. It aims to take NFTs to more than 4 billion internet users through millions of use cases.

“NFTs are becoming an integral part of business and culture. With its applications across industries, it is a multi-billion dollar industry, which is largely restricted to digital art and collectibles currently.”

"As the market expands, we see that every e-commerce player, every production (entertainment, gaming, animation), and every brand would want to launch NFTs to raise funds and monetise their offerings,” Sadiq Ahamed, founder and CEO of Lysto, said.