Blockchain startup Metagood has secured $5 million in a seed funding round to propel development of Osura, its NFT marketplace focused exclusively on high-end art minted on the Bitcoin blockchain.
The seed financing was led by Sora Ventures, with additional participation from Bitcoin and crypto-centric funds including Bitcoin Frontier Capital. In total, Metagood aims to raise $10 million to fuel innovations around premium digital collectibles on Bitcoin.
Osura leverages the Ordinals protocol to enable generative artwork and other premium digital artifacts to be registered immutably on Bitcoin. Compared to the Ethereum network where most NFT activity currently happens, Bitcoin offers enhanced security, longevity of storage, and lower minting costs.
As Metagood CEO Danny Yang said, “I couldn’t be more excited about the possibilities that lie ahead on the Ordinals protocol which is simple, elegant and powerful.”
The company will direct the new funding influx towards securing partnerships with acclaimed artists, improving Osura’s marketplace functionality, and growing its team to manage expansion. The timing coincides with building momentum towards Bitcoin’s next “halving” event in April 2024 which tends to spark a new bull run phase.
Osura debuted by featuring exclusive Ordinals collections minted in collaboration with luxury brands Asprey and Bugatti. Upcoming highlighted artists will include Alexis André, creator of one of the most popular series ever issued on the Art Blocks NFT platform.
Metagood is focused on setting a new bar for the potential of blockchain technology to merge digital asset ownership with world-class art. Chairman Bill Tai commented that embracing fine art is “paving the way for real-world assets to seamlessly transact on the blockchain.”
With premium exclusivity as its hallmark, Osura offers a showcase for new possibilities in provably scarce digital art minting. Its latest funding empowers Metagood to reinforce Osura as a leader in presenting museum-caliber masterpieces adapted to the Web3 era.
- Metagood raises $5M seed round led by Sora Ventures
- Funding will advance Osura marketplace for high-end Bitcoin NFT art
- Osura leverages Bitcoin’s Ordinals protocol to enable generative artwork
- Early art partnerships struck with Asprey, Bugatti, Alexis André
- Company wants to set standard for museum-grade art on the blockchain
- Larger $10M raise planned to drive innovation on Bitcoin network