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Element Announces Closing Of $11.5 Million Angel Financing Led By SIG And Dragonfly Capital

Fri, 07 May 2021, 07:31 am UTC

Element, serving as a NFT asset aggregation trading platform, announced today that it has received a total of $11.5 million angel financing led by SIG and Dragonfly Capital. To this end, Element is valued at $50 million in this round. Additional, the institutional investors and individuals participating in this round also include Drapper Roarka, a digital asset fund launched by Draper Dragon which is under Silicon Valley renowned investor Tim Drapper; INCE Capital, co-founded by Jianping Gan who is a well-known venture capitalist, and other investors and individuals who are not at liberty to disclose at this time, with a total of 10 institutions participating in this round of investment.

Element, headquartered in the Cayman Islands, was co-sponsored by Fred Wang and his long-time technology partner Hongliang Zhang, and the official Twitter and Weibo have both announced the product release date, which is roughly in the late May or June for commercial testing.

From Fred Wang’s perspective, "as an emerging entity, the rise of NFT easily reminds us of the Amazon in the Internet era. For example, compared with the traditional art auction marketplace, an auction based on blockchain will have a huge appeal to artists."

Fred Wang disclosed the current plans in progress:

1. Recruit talents and look for partners in the fields of R&D, product design, and global business operations. In particular, he is looking for technical talents with experience in public chain, DeFi and financial products.

2. Design the product to be a fully decentralized NFT asset aggregation platform. In the platform design idea, it supports cross-asset properties, cross-protocol categories, cross-public chain platform.

3. Cooperate extensively with global NFT projects. It provides rich choices in categories such as art, collection, music, Metaverse game, sport peripherals, etc..

4. DAO. It promotes community building and cooperation, and design blockchain governance and incentive mechanisms.

Lu Guo of SIG partner, she thinks:

Crypto art is being highly valued in the NFT space, and we consider this to be a very positive sign. In the long run, NFT will bring us tremendous imagination, and the NFT platform has opportunities to dig deeper in video, gamification and financialization. Although this market will not mature soon, and our knowledge of NFT technology and value is only in its infancy, we are remaining optimistic about the future and hope that the Element team is bold enough to explore.

Feng Bo of Drangonfly Capital partner, he thinks:

NFT market is a big integration of Web2.0 product and Web3.0 system, Element team is the most prepared in NFT trajectory, showing a good market vision and entrepreneurial passion. Team members in Element have good experience and execution in NFT platform architecture design research, DeFi smart contract design, algorithm recommendation and social product design. In addition, NFT is the market will test the team's comprehensive scheduling ability in technology, product and operation more, and I believe they are supposed to have something to do in the NFT market.


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