Art

Sotheby’s & CAA Invest in $20M Round for Serotonin’s NFT Commerce Suite Mojito

BY Langston Thomas •

October 21, 2021

Marketing firm and product studio Serotonin’s new NFT commerce suite, Mojito, has landed some big investors. Only days after Mojito was unveiled as the collaborative builder of Sotheby’s Metaverse, the suite announced Thursday, Oct. 21, it has raised $20 million in its first funding round with a valuation of $100 million, with backers that include auction house Sotheby’s.

In addition, Mojito has also received backing from Connect Ventures, an investment partnership between leading entertainment and sports agency Creative Artists Agency (CAA) and global venture capital firm New Enterprise Associates (NEA). The new project suite, which became fully public Thursday, comes shortly after NFTs achieved $10.7 billion in sales volume for 2021’s Q3 alone.

Serotonin co-founder Amanda Cassatt, who is one of Mojito’s creators, says that concurrent to engaging with major brands looking to break into the NFT ecosystem, Serotonin began building a platform and suite of products to handle the end-to-end experience of selling NFTs at the beginning of the year. In addition to providing an administrative dashboard and suite of APIs to customers hoping to build their own NFT marketplace, Mojito acts as an NFT marketing partner and tech advisor, helping brands conceptualize, design and develop marketplaces on top of its platform.

Through assisting brands and holders of valuable IP to monetize their assets in new, virtual environments, Mojito aims to bridge the gap between the world’s leading brands and the next generation of natively digital consumers. Cassatt tells nft now that to her, the most exciting thing about Mojito is helping brands arrive in the metaverse and discover new Web3-enabled ways to align with the crypto and NFT communities.

“To bring digital goods to market and help drive demand for them is simply a way to unlock value and liquidity from the assets [the brands, celebrities, sports leagues, and others] already own,” says Cassatt, who is also an investor and advisor to nft now. “So they are incentivized to ease their way into the metaverse, ideally with thoughtful and creative products that appeal to the denizens of crypto communities.”

As the NFT ecosystem continues to grow, Cassatt says Mojito’s commerce suite will grow with it by “rolling out new product offerings to complement the platform.” And as Coinbase and other platforms race to establish their own NFT marketplaces, Mojito appears poised to become a contender among the many services looking to rival OpenSea, the current largest NFT marketplace.

Photos courtesy of Serotonin.