Scarce City, a marketplace for Bitcoin-related artwork, has raised $ 690,420 from investors including Jason Williams, Brad Mills, Plan B Ventures, Lightning Ventures, and Fulgur Ventures.
“We are grateful to bring real Bitcoin investors to our team to contribute to our mission to support the Bitcoin culture and adoption,” said Chris Tramount, CEO of Scarce City, in a statement to Bitcoin Magazine.
Scarce City is leveraging Bitcoin technology, including the Lightning Network, to reduce auction costs and improve efficiency in its marketplace, where Bitcoin art is auctioned and valued in BTC. Buyers bid online and the art will be delivered once a winner is selected.
Scarce City said in a statement that it will use the funding proceeds to add more people to its team, improve its platform, and further develop its auction and marketplace functions. It also said it expects to put some of its recent funding into increasing its media exposure.
“The company debuted its first auction for Chiefmonkey’s ‘Relentless Optimism’ in December 2020 and has since held nearly 300 auctions and enabled over a thousand transactions on the rare Pepe marketplace,” the statement said. “The platform uses low-fee, instant Bitcoin transactions made possible by the Lightning Network to undermine auction bids and marketplaces in order to hold participants accountable.”
The marketplace aims to promote bitcoin adoption through a cultural approach. Works of art listed on the platform relate to Bitcoin and its historical moments and are only spent to a limited extent, which gives the work of art a rarity. Scarce City auctions limited edition art in both physical and digital form.
“Bitcoiners want to create and collect art that represents our revolution. We are using Bitcoin technology to make it easier to exchange these goods in ways that are not practical with Fiat, ”added Tramount.
The platform hopes to continue to drive bitcoin adoption through the sale of bitcoin art and memes and the use of bitcoin technologies.
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