NFT project Futures Factory raises $2.5M
Futures Factory is a sneakers marketplace merging both the physical and the digital worlds through augmented reality and non-fungible tokens (NFTs). The project has just raised $2.5 million (~£1.83 million) from some of Europe’s top investors, including Seedcamp, Stride, Voodoo’s cofounders, Kima Ventures and RTP Global.
The future of sneakers
According to Futures Factory’s Discord server, you can find two types of sneakers at its marketplace:
- Virtual-only sneakers that you will be able to collect, play with in video games, display on your feet or anywhere else using Augmented Reality.
- Futures sneakers that are virtual sneakers (= same characteristics as above) but that will be physically manufactured and available to be redeemed by the owner of the NFT.
Nicolas Romero, Futures Factory’s cofounder, said that investors approached Futures Factory’s officials to find out more about the rise in the creator economy.
“We were approached by several investors who were interested in the fact that we were leveraging the creator economy to strive. We’re seeing the same thing in the music industry… [they’re] interested in these new business models,” Romero said.
Both blockchain and augmented reality technologies will allow the company to support their clients and creators, as well as establish new ways of communication between consumers and brands. Futures Factory hopes to use a blockchain that will be sustainable, and is in the process of moving away from using Ethereum (ETH).
“NFTs are a great way to connect with your audience and monetise your artwork,” says Romero. “We could allow the owners to discuss directly with the artist, give them tools to better connect with their audience. We don’t want Futures Factory to be the gateway… NFTs are the gateway. We saw a lot of designers were struggling to find jobs. If they start by designing sneakers, we can help them build their audience and their skills.”
Thanks to blockchain technologies, artists have more opportunities to produce original work which will not be stolen. Additionally, creators don’t have to rely on sponsors, as well as profit more substantially from single pieces of artwork.
Futures Factory, founded last year in France, announced on Friday, 17th September, that it had raised $2.5 million (~£1.83 million). The company aims to become the first sneakers marketplace for digital and future physical sneakers by 2025.
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