Posted on

Fintech startup Fraction bags US$3M to turn real estate into fractional NFTs

Fraction_funding_news

[L-R] Fraction Co-Founders Shaun Sales (CTO) and Eka Nirapathpongporn (CEO)

Hongkong- and Thailand-based fintech startup Fraction has bagged US$3 million in a pre-Series A financing round led by East Ventures, it announced today.

The round also saw participation from Indonesia’s Emtek Group, Singapore-based Thakral (consulting and technology services company), V Ventures (Singapore), and unnamed regional investors.

With this, Fraction will establish its first fractional real estate offers powered by non-fungible tokens (NFTs) and distributed ledger solutions based on the Ethereum blockchain. 

Besides, the company also plans to expand into various asset classes, services and countries, with the goal of democratising access to investments and money for millions of people who are now unable to participate in these wealth-generating activities.

Fraction previously secured an undisclosed seed round from conventional finance and technology investors such as Singha Ventures, Tanarra Capital, and Skystar Capital.

Also read: Demystifying NFTs and DeFi

Founded in 2018, Fraction enables people to own and transact pieces of real estate in the form of NFTs that have a “real-world legal link” to the property. Its offerings include ‘initial fraction offering’ (IFO) of real estate tokens, a secondary market trading platform of fractional tokens between investors, and related intermediary services covering the complete end-to-end journey.

“We can now enable true financial inclusion letting small investors participate in attractive asset classes that were previously inaccessible,” said Eka Nirapathpongporn, Co-Founder and CEO of Fraction.

With Fraction’s plug-and-play platform, individuals and companies can invest, sell and manage fractional ownership of anything — from a small stake in a city condominium, beachfront resort, or art piece, to managing a private fund, assets and investors.

As per a press statement, Fraction obtained the initial coin offering (ICO) portal license (subject to activation approval) from the Securities and Exchange Commission of Thailand (SEC).

Real estate is one of the largest markets on earth with a value of US$326 trillion in 2020, per a Savills report. London-born advisory and accountancy network Moore Global predicted that the tokenised real estate market would be on track to become a US$1.4-trillion market.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: Fraction

The post Fintech startup Fraction bags US$3M to turn real estate into fractional NFTs appeared first on e27.

Posted on

M&A roundup: boAt buys SG startup KaHa, DeClout acquires Ascent Solutions

SG IoT startup KaHa snapped up by Indian wearables brand boAt

India-based Imagine Marketing, the parent of wearables brand boAt, has acquired Singapore based smart IoT product development company KaHa.

The acquisition will enable Imagine Marketing to augment its wearable product offerings in terms of the concept, design, electronic firmware, algorithm development, Android/iOS applications, new feature integration, social engagement and analytics.

This acquisition will also allow Imagine Marketing to scale up its smart and holistic wellness wearables ecosystem.

Also Read: The IoT opportunity is right outside your door

Founded in 2015, KaHa has capabilities in developing products in the IoT space. It has a technology-focused platform for wearables through patented AI and ML capabilities, end-to-end smart wearable solutions (hardware and software), and data-driven smart IoT platforms, providing solutions and analyses for multiple use cases.

KaHa has developed its proprietary COVE IoT platform. With in-built artificial intelligence and machine learning algorithms, COVE provides users with actionable intelligence and personalised experiences across a range of consumer verticals: health & wellness, sports & fitness, digital payment and safety. The platform includes electronics design, printed circuit board assembly, application frameworks for iOS and Android, cloud services, data analytics and smart after-sales service tools.

KaHa has offices in Singapore, China, India.

DeCloud picks majority stake in blockchain firm Ascent Solutions

Singapore-headquartered DeClout has announced the completion of 70 per cent of Ascent Solutions, a company specialising in IoT and blockchain solutions.

Ascent Solutions is an Internet of Things (IoT) smart connectivity firm that provides digital solutions for smart city infrastructure and end-to-end visibility and intelligence across the entire supply chain for both governments and private sectors.

Since its incorporation in 2010, it has developed iTrust, a blockchain and IoT solution for trade financing in 2018, and implemented a real-time IoT monitoring solution to track in-transit petroleum products for the Ghana authorities in January 2020.

Also Read: How play-to-earn is fueling the next wave of blockchain adoption

Headquartered in Singapore and established in 2010, DeClout invests in, incubates and scales companies to become global or regional market leaders. The group’s companies comprise of fast-growing trade technology firm GUUD, ICT solutions provider Aeqon, green-tech service provider ARCO, neutral hosting solutions provider dhost, and its corporate venture arm DeClout Ventures.

DeClout is a wholly-owned subsidiary of Exeo Global, the regional headquarters of Stock Exchange-listed Exeo Group.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

The post M&A roundup: boAt buys SG startup KaHa, DeClout acquires Ascent Solutions appeared first on e27.

Posted on

eFishery rakes in US$90M Series C co-led by Temasek, SoftBank unit to expand to China, India

eFishery, a digital cooperative for fish and shrimp farmers in Indonesia, has completed a US$90 million Series C round of financing, co-led by Temasek, SoftBank Vision Fund 2, and Sequoia Capital India.

Its existing investors Northstar Group, Go-Ventures, Aqua-Spark, and Wavemaker Partners also returned to co-invest in this round.

Also Read: Go-Ventures, Northstar Group co-lead eFishery’s Series B round

eFishery will use the money to scale up its platform, strengthen its digital products, and expand regionally, targeting the top 10 countries in aquaculture, such as India and China. It aims to acquire one million farmers in three to five years. “This funding will gear us to hire aggressively, especially for engineering and product development talent. We aim to recruit a thousand new employees this year,” Gibran Huzaifah, Co-Founder and CEO of eFishery said.

Based in Bandung, eFishery provides tech alternatives to traditional farming methods to improve outcomes for fish and shrimp farmers. It offers an end-to-end platform providing farmers with access to (i) technology, (ii) feed, (ii) financing, and (iii) markets.

Since launching in 2013, the company claims to have deployed thousands of smart feeders, serving over 30,000 farmers across 24 provinces in Indonesia.

eFishery’s latest suite of cutting edge products includes eFarm, and eFisheryKu app. eFarm is an online platform that provides farmers with comprehensive and easy-to-understand information about their shrimp farming operations. At the same time, eFisheryKu is an integrated platform where fish farmers can purchase their farming supplies, such as feed, at competitive prices.

Farmers can also apply for a loan through eFund, which links fish farmers directly to financial institutions. A key component of eFund is Kabayan (pay later).

Also Read: eFishery, Shiok Meats co-founders on MIT Technology Review’s list of emerging innovators from APAC

To date, more than 7,000 farmers have been supported by this service, with the total loan approved exceeding US$28 million.

Since its Series B round of funding, eFishery has grown its headcount 3x, with more than 900 employees now onboard. Prior to this, it had raised a pre-Series A round in 2015 and a US$4-million Series A round in late 2018.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

The post eFishery rakes in US$90M Series C co-led by Temasek, SoftBank unit to expand to China, India appeared first on e27.

Posted on

Crowdo raises US$5.9M to ramp up regional ESG-driven financing for underserved SMEs

Crowdo_funding_news

Crowdo co-founders Nicola Castelnuovo and Leo Shimada (R)

Crowdo, a Singapore-headquartered neobank for SMEs, has attracted S$8 million (~US$5.9 million) in pre-Series B investment in convertible notes.

The financing was co-led by existing shareholders Gobi Partners and iVest Capital (a Southeast Asia-focused family office), alongside SEEDS Capital (the investment arm of Enterprise Singapore).

Along with this, Crowdo has also bagged debt financing from Singapore-based Impact Investment Exchange (IIX) through its WLB4Climate, the fourth issuance in its innovative Women’s Livelihood Bond Series.

The fresh capital injection will enable Crowdo to expand its ESG (environmental, social and governance)-driven financing products for underserved SMEs. It will launch a new ESG financing product this month targeting women-led enterprises with a plan to disburse up to S$16 million (US$11.8 million) during 2022 alone.

“One of our flagship products will deliver up to US$50 million in financing to women-led businesses and companies over the next few years to promote gender equality and increase women’s access to financing,” said Crowdo CEO and Co-Founder Leo Shimada.

Also read: How debt financing, crypto, SPACs keep the climate-tech funding momentum in SEA

Founded in 2017 by Shimada and Nicola Castelnuovo, Crowdo offers two online platforms to digitise SMEs’ operations to boost productivity and understand and access financing and banking products.

“Crowdo is already catering to under-served SMEs in emerging markets and wants to boost our social impact with specially-tailored financing products with ESG impact in mind,” added Shimada.

So far, Crowdo claims to have disbursed over S$100 million (~US$73.8 million) in financing since its S$1.4 million Series A round. The startup said it recorded a 5x monthly revenue growth rate during 2021.

Crowdo is licensed by the Otoritas Jasa Keuangan (OJK) for digital lending in Indonesia and registered with the Securities Commission Malaysia.

In Malaysia, where Crowdo offers equity financing to high-growth startups, it closed 2021 having facilitated close to S$10 million (US$7.4 million) in equity investments.

In Indonesia, it has formed multiple alliances with digital banks, multi-finance institutions and conventional banks, offering its tech-driven acquisition and onboarding infrastructure and artificial intelligence-driven credit assessment technology for SME funding.

Also read: The journey ahead: Singapore startup ecosystem becoming Asia’s Silicon Valley

Crowdo boasts of achieving group profitability since mid-2020.

According to a McKinsey report, the share of consumers in Asia–Pacific emerging markets actively using digital banking increased sharply from 54 per cent in 2017 to 88 per cent in 2021. Meanwhile, the digital adoption rates among consumers in developed Asia–Pacific markets have remained stable at approximately 90 per cent.

 

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: Crowdo

The post Crowdo raises US$5.9M to ramp up regional ESG-driven financing for underserved SMEs appeared first on e27.

Posted on

Why 2021 was a landmark year for the carbon market

carbon market

2021 was a landmark year for the growth of the voluntary carbon market. There has been a boom in demand for carbon credits– mainly driven by corporations setting net-zero targets in the face of consumer scrutiny.

According to Ecosystem Marketplace, the value of the global voluntary carbon market topped US$1 billion in 2021.

What was formerly a buyers’ market is now in the seller’s hands, driving project development financing, which will be particularly important for projects innovating to deliver negative emissions above and beyond net-zero targets.

While the growing demand for carbon credits signals the market is moving towards maturity, key issues continue to plague the voluntary carbon market, notably the lack of standardisation and transparency, ensuring that the credits are of high quality. This translates to retail mark-ups and low-quality credits without clear provenance or credibility.

Not only did 2021 show enormous growth for the voluntary carbon market and steps towards more excellent market governance through the global Taskforce on Scaling the Voluntary Carbon Markets, headed up by UN Special Envoy for Climate Action and Finance Mark Carney.

Also Read: COVID-19, the environment, and the tech ecosystem: what opportunity is available out there for us?

This private sector-led initiative has over 250 member institutions representing buyers and sellers, standard setters, financial sector participants, market infrastructure providers, civil society, international organisations and academics.

It is a clear step to acknowledge that market participants must work together to create a mature and trustworthy marketplace that has a real global impact on decarbonisation.

Of course, one cannot discuss the carbon markets in 2021 without mentioning COP26. Some might have hoped for a watershed moment, but instead, COP26 provided little clarification beyond the ratification of Article 6.

This means that the Paris Agreement is now fully operational– giving certainty to market participants as countries look to update their Nationally Determined Contributions (NDCs).

As net-zero targets continue to be at the forefront of consumer expectations of corporations, big corporations will have to engage more thoroughly in the voluntary carbon markets.

Multinational organisations are in the strongest position to participate in the voluntary carbon market, offset their emissions alongside reduction practices, and create a positive impact on a global scale.

Also Read: Fireside chat: Racing to net zero with the voluntary carbon market

Cyberdyne tech exchange in 2021: A year of transformation

This year, Cyberdyne Tech Exchange (CTX) as a business has seen an enormous transformation, gaining two new licenses from the Monetary Authority of Singapore,  a Capital Markets Services Licence and a Recognised Market Operator licence– solidifying its position as a regulated digital asset exchange.

CTX also sold the first tranche of a new asset-backed Carbon Neutrality Token (CNT), which resolves one of the most challenging aspects of carbon credit trading– the ability to properly account for and track carbon credits using its proprietary protocols and blockchain technologies.

Using this technology, market participants can be certain the credit is of high quality, tackling the issue of double-counting that plagues the voluntary carbon market.

CTX’s Chairman, Dr Bo Bai, received the Entrepreneur 100 Awards accolade from the Singapore Association of Trade and Commerce, acknowledging CTX’s achievements and contributions to the industry, community and nation.

The company also recently signed an MoU with BSI China (of the British Standards Institution Group) on implementing carbon neutralisation and green financing standards on CTX.

The agreement includes BSI carrying out the carbon footprint verification and certification for listings on CTX’s platform and the promotion and implementation of green finance standards.

All these support the Green Finance Action Plan of the Singapore Green Plan 2030 and the ultimate goal of net-zero by 2050.

CTX will continue to leverage innovation and technology to enable organisations of all sizes to enhance their sustainability goals.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: fotoforce

The post Why 2021 was a landmark year for the carbon market appeared first on e27.

Posted on

Divvy Homes, Una Brands co-founders join Thai startup PropertyScout’s US$2.5M pre-Series A round

PropertyScout_CEO_Mario_Peng_in_front_of_logo

PropertyScout CEO Mario Peng

PropertyScout, an online marketplace for buying, renting and selling residential properties in Thailand, has raised US$2.5 million (THB 82 million) in a pre-Series A round led by Hustle Fund. 

AngelCentral, Swiss Founders Fund and Asymmetry VC joined the round. Proptech angles, including Simon Baker (former CEO of REA), Marc Stilke (former CEO of Immobilien Scout24), and Brian Ma (founder of San Francisco-based proptech unicorn Divvy Homes), also co-invested.

Ma invested through his Iterative accelerator programme.

Besides, returning individual investors from the seed round also participated. They are Tim Marbach (Asia Venture Group), Jakob Angele (Foodpanda), Ross Veitch (Wego), JJ Chai (Rainforest, ex Carousell, ex- Airbnb), Zenos Schmickrath (ex-HMlet), Kiren Tanna (Una Brands and ex-Rocket Internet), Amarit Charoenphan, and Gokul Rajaram (DoorDash).

Bangkok-headquartered PropertyScout will utilise the capital to enhance its technology platform with artificial intelligence and expand into property sales. It also has plans to double the size of its product and tech team in the coming months.

Co-Founder and CEO Mario Peng said PropertyScout would scale quickly into other Southeast Asian markets once the platform and processes are optimised and validated in Thailand. This will be followed by a Series A funding round.

Also read: The world of proptech and its fate in a post-pandemic world

PropertyScout was founded in 2019 by Peng (who earlier co-founded and sold a Singapore-based online travel platform), Salita Kamnerdsiri (CSO), and Marco Barth (COO). Barth also serves as a startup mentor at Silicon Valley-headquartered early-stage startup accelerator Plug and Play Tech Centre.

The proptech startup aims to build a real-estate platform in Southeast Asia for hassle-free transactions and rentals of homes. The firm says it owns one of the largest portfolios of frequently updated and available rental properties in Bangkok alongside over 300 co-broker partners and in-house property consultants.

Despite the pandemic-induced market setback, it boasts of achieving a 15x growth from Q1 2021.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: PropertyScout

The post Divvy Homes, Una Brands co-founders join Thai startup PropertyScout’s US$2.5M pre-Series A round appeared first on e27.

Posted on

Carb0n.fi raises US$600K seed funding to provide carbon offset NFTs in ASEAN

Carb0n.fi Co-Founder and CEO Bree Yek

Singapore-based Carb0n.fi, a blockchain solution providing carbon offset NFTs, has closed a seed financing round of US$600,000 led by cryptocurrency VC firm Owl Ventures.

The co-investors include blockchain VC firm Blockseed Ventures, Lancer Capita, Antler Singapore, a prominent Chinese family investment office in Dubai, and CryptoFOMO.

The round also included an angel consortium of 13 fintech and crypto individuals, including Byron Grigoratos.

The funds will allow Carb0n.fi to strengthen its blockchain platform and accelerate product development.

The funding round was completed in the lead-up to Carb0n.fi’s initial dex offering (IDO) on the CardStarter launchpad scheduled for January 19th, 2022.

Also Read: Bambooloo on creating everyday low carbon footprint products that save the planet

Carb0n.fi is an ASEAN-focused blockchain solution firm aiming to establish a carbon-zero world for the people, by the people. It combines investments, allows its users to reap the benefits from these investments, and at the same time contributes to environmental sustainability all at once.

Its platform allows users to put their crypto to work and be rewarded with carbon offsets and the project’s governance token $ZRO. For this, the firm leverages DeFi 2.0 to enable ownership of a new asset class in the form of carbon offset NFTs. Doing so will allow users to track and estimate their carbon footprint and offset it on time.

Users can also buy and sell carbon offsets on Carb0n.fi’s offset exchange and benefit from discounted transaction fees by holding $ZRO.

According to Carb0n.fi Co-Founder and CEO Bree Yek, the lack of transparency, double spending and high barriers to entry are some challenges faced by companies and individuals when trying to properly access carbon trading markets. In addition, there are also few existing incentivisation mechanisms in place to increase the participation levels for carbon-reducing activities. “Carb0n.fi was set up to change this. We believe that DeFi naturally incentivises good actors and is an efficient way to own new and growing asset classes, including carbon offsets.”

“Our fundraising is the first step to making carbon markets accessible for a lot more projects and contributing to the fight against the climate crisis,” she added.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

The post Carb0n.fi raises US$600K seed funding to provide carbon offset NFTs in ASEAN appeared first on e27.

Posted on

How I went from an Android developer to CTO of a Vietnamese e-commerce

CTO

I learned a few lessons while being a CTO at Loship, Vietnam’s one-hour delivery e-commerce startup founded in 2017. Some of them learned the hard way, by making mistakes. The leap from an Android developer to a CTO is as nerve-wracking as ambitious in terms of responsibilities.

For a long time, I’ve been thinking about sharing my ideas, and in this article, I’ll lay out some of the biggest lessons I’ve learned along the way.

Lesson #1: A CTO is a leadership role, not a management role

Management is the basis of the skillset required to become a CTO. However, a CTO is more than just that. You have to manage your team, but not micro-manage them; spend your time and efforts to inspire them to get behind your vision and do their jobs.

Look at ways to help your team grow both with their code and professionally.

You can also establish a culture of mentorship by partnering up senior and entry-level engineers for pair programming. At Loship, pair programming is our culture and something we’ve been consistent about since day one.

It allows better skills transfer as junior developers can learn and pick up techniques from more experienced team members.

Also, establishing a trusting relationship with your team members is important. Make your work relationship more than just work, in which we can freely share our thoughts, personal feelings, and even life problems we face.

Tell employees your name, not your title. Let your people know that you are a person first and a manager second.

Also Read: For gamers by gamers: How Razer incorporates its understanding of user behaviour into product development

Lesson #2: Speed matters

In the startup world, speed is probably the most important asset. I believe that when we’re small, we’re forced to work twice as hard and do it twice as fast, to go a distance twice as long. All else being equal, the fastest player in the market will win.

At Loship, we adopt Agile methodology in product development, with the mentality of “move fast and break things”. Most of the time, our scrum sprints are one-week long as our developers are used to fast-paced work and agile environments. One-week sprints open the door to learning more in less time.

This way, the work is reviewed promptly, and teams receive frequent feedback to improve their task results. Teams can prioritise more efficiently as the work is broken down into the smallest chunks possible.

I’m deeply driven by the belief that fast, good enough solutions are far better than slow-perfect ones and radically better than no solutions at all. Done is better than perfect. The best is the enemy of the good.

Lesson #3: It is acceptable for a CTO to code

I am likely in the minority, but I think any CTO should have the ability to code. I still code and programme daily, and I enjoy doing this aspect of work. But I force myself to code differently, much faster and more efficient than before.

And I take a broader perspective when writing each line of code as it will directly affect an entire business, not just a few small features. There’s a saying that I like: ‘Every line you code as a CTO is a line of code your team doesn’t understand.’ — M. Blankenship.

Also Read: As Glints CTO, this is what I want you to know about building an engineering team in Southeast Asia

It is undoubtedly true that the CTO has a broader range of responsibilities; however, I think competent CTOs should continue to code as long as they continue to keep pace with their other responsibilities.

Languages and tools are constantly changing, and being hands-on in code from time to time is a must-have to keep up with the latest and greatest.

Being hands-on also puts a CTO in developers’ shoes to see first-hand what works and what doesn’t and lead them accordingly.

Lesson #4: Don’t make tech flashy

Early in my career, I realised that technology serves human life. Developers live to solve real-life problems and create values that contribute to the betterment of society.

Innovation doesn’t need to be flashy to make a significant impact. If your flashy innovation efforts aren’t quickly turning into customer-pleasing, problem-solving products, your innovation isn’t operating correctly.

So, stay on the ground, reduce the glamour and put technology in the most natural position possible. That’s not to say flashy never works, nor that people and companies shouldn’t dream big. We need that, too. But sometimes, it is the uncool and boring stuff that can make a profound difference in our lives.

Lesson #5: Learning is an endless journey

Knowledge is power, and knowledge is what got you to where you are now —-and where you’ll be in the future. In the tech world, all your knowledge is old news within two to four years, so make sure you stay on top of new trends and technologies.

I always encourage all my team members to keep updated with technology news every day to grasp how the tech world out there is moving. This is how we can develop a growth mindset.

Also Read: Exclusive: She was the mastermind behind the Go-Jek app, now she’s out to help others succeed

Sign up for newsletters, read blogs, follow influencers, attend conferences, etc. It’s necessary to stay open and absorb as much information as possible to stay ahead of the curve.

Many other lessons have been learned, but these are the biggest ones I’ve grasped over the years, all part of being the CTO in a startup.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join our e27 Telegram group, FB community, or like the e27 Facebook page

The post How I went from an Android developer to CTO of a Vietnamese e-commerce appeared first on e27.

Posted on

1982 Ventures backs Indonesian agri commodity marketplace PasarMikro

PasarMikro_seed funding_news

PasarMikro Founder Dian Wong (C)

Indonesia-based agricultural commodity marketplace PasarMikro has secured an undisclosed funding amount from existing investor 1982 Ventures.

The startup will channel the funding for hiring and reaching out to more farming communities in Indonesia.

PasarMikro was established as a pilot project in 2020 by Dien Wong, who co-founded the Indonesian game and application development company Altermyth in 2003. 

PasarMikro has grown to a B2B aggregated agribusiness marketplace with built-in finance. It provides various services to farmers and merchants for their daily transactions involving bookkeeping, lending, and a marketplace for selling their products.

“PasarMikro is looking after Indonesia’s main providers, farmers and traders who are often overlooked,” said Wong.

Also read: Need of the hour: How agritech platforms can protect farmers from climate change

As the pandemic generated tailwinds for Indonesia’s US$130 billion agriculture market, the startup claims to have helped farmers trade and finance the distribution of over 5,000 tonnes of eggs and other commodities.

“We have not seen an inclusive financing model in Southeast Asia achieve what appears to be product-market fit and begin scaling as early as PasarMikro,” said 1982 Managing Partner Herston Elton Powers.

PasarMikro said it has formed a partnership with Bank Rakyat Indonesia (BRI) and Rabo Foundation (a social fund sponsored by the European agricultural bank Rabo Bank) to provide smallholder farmers with needed financing to secure their future.

According to “AgFunder ASEAN Agrifoodtech Investment Report 2020”, agritech startups raised more than US$165 million in 26 deals in 2020. As reported by WorldBank, agriculture is a significant sector in Indonesia, contributing roughly 14 per cent of the country’s GDP, employing one-third of the workforce, and dominated by smallholder farmers (93 per cent).

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: PasarMikro

The post 1982 Ventures backs Indonesian agri commodity marketplace PasarMikro appeared first on e27.

Posted on

How generative NFTs are extending the boundaries of digital art

In September 2021, an NFT collection was sold for US$5.38 million in less than an hour. This impressive sale has created a further buzz in the NFT art space, putting generative NFTs on the radar. While NFTs have been around for a while now, many people are still unaware that this particular type exists.

What exactly are generative NFTs? Simply put, it’s an NFT art that’s produced using algorithms to generate new ideas, shapes, forms, colours, or patterns. First, artists create rules that provide distinct rules for the creation process. Then, a computer follows these rules to produce NFTs that are finally secured with blockchain technology.

Compared to traditional artists who may spend days, months, or even years exploring an idea, generative code artists use computer algorithms to create thousands of digital art, all within milliseconds. Generative art pieces introduce randomness as part of the creative process, leading to a roulette game where neither the artist nor the collector knows the final result.

One platform that is pushing this new breed of art is Art Blocks. This NFT platform is rewriting how digital art is captured and shared across global communities.

What is Art Blocks?

Art Block is a one-of-a-kind platform focused on genuinely programmed on-demand generative artwork with contents stored immutably on the Ethereum blockchain. This platform allows artists to pick a style that appeals to them, and the algorithm works to create a randomly generated version of the content sent to an Ethereum wallet. The resulting piece varies and can be a static image, 3D model, or interactive piece. Each output is unique with room for endless possibilities.

Also Read: Demystifying NFTs and DeFi

Comparing Art Blocks to other NFT platforms

Traditional NFT platforms allow users to mint existing artworks and sell them in their marketplace, along with other existing NFTs. On the other hand, Art Blocks is solely focused on generative art, which is created and programmed by the artist.

But Art Blocks isn’t just a platform that showcases and sells generative art; it also hosts the artist’s generative script itself, allowing collectors to interact with the script so they can receive a unique output. The output is the artwork itself containing fully randomised variables that are distinct from other outputs produced by the same script.

In addition, collectors can mint NFTs from Art Blocks using an artist’s programme, thus providing new and unique outputs based on the artist’s chosen variables like colour, geometry and rarity features. So you don’t just buy an existing NFT, you can make one that’s uniquely yours.

A platform for innovative artists

Who are the artists on Art Blocks? Despite having vastly different styles, they all have one thing in common: unmatched creativity to express their work through generative NFTs. Here are examples:

Owen Moore -This generative artist released a collection focused on the current situation during the initial outbreak of the coronavirus pandemic called Quarantine. This collection has currently minted 128 NFTs, with its most high-valued piece currently valued at US$1,093.

Bard Ionson – He used symbols of sexuality, gender and luck in his generative NFT. He is also the NFT artist inspired by Nam June Paik’s “Internet Dweller”. His collection of Color Magic Planets and eight generative codes has minted 80 NFTs, with one piece sold at US$1,873.

Tyler Hobbs – He is one of the most successful artists on Art Blocks. He created the Fidenza collection that has 999 pieces, with each piece unique from one another. His collection has earned him more than US$177 million in sales, including a purchase by Snoop Dogg.

How do you determine the value of generative NFTs?

The value of generative NFT art is based on many factors, such as its embedded attributes, the degrees of programmatic rarity, and how these elements come together in a visually pleasing way to the collector. While the programmatic characteristics add quantifiable metrics that can transmute ideas into NFT, almost all generative art pieces are valued from subjectivity.

Also Read: ‘NFTs provide new ways to handle IP management, empower content creators’: Inmagine CEO Warren Leow

No matter which art piece it is, each one can be verified in terms of its original artwork thanks to its underlying blockchain technology. One of the core values of NFTs stems from the ability to trace the real (or pseudonymous) owner, preserving the history of how value is created and transferred over time.

Unleashing new dimensions of digital creativity

The increased adoption and minting of generative NFTs point to further adoption among the artist community. In the future, other new forms of NFTs, in addition to generative art, may well continue to be introduced. With no limit to creativity, anyone can leverage NFTs as a way to make their ideas come alive. Better yet, it can be shared more freely across the digital realm, challenging the past limitations of the art world.

The content was first published by The Human & Machine.

Image Credit: The Human & Machine

The post How generative NFTs are extending the boundaries of digital art appeared first on e27.