Mark Cuban, Pitbull, Paris Hilton’s media company fund animation app immi in NFT push

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Would possibly 4 (Reuters) – Animation app immi introduced in Apple’s App Retailer on Wednesday after securing investments from billionaire Mark Cuban, singer Pitbull and Paris Hilton’s 11:11 Media, the most recent in a spate of famous person investments in firms targeted at the metaverse and non-fungible tokens.

The app, which creates animations that can be utilized on social media or within the metaverse, will permit make a selection house owners of the preferred Bored Ape Yacht Membership and My Puppy Hooligan NFTs to animate those characters.

The corporate’s seed spherical of fundraising valued immi at $50 million, a spokesperson mentioned. Different traders come with Tony Robbins, Zoom founder Eric Yuan and musician Steve Aoki.

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NFTs are virtual property that use blockchain generation to report who owns a virtual record, which might be a picture, a video or a textual content.

Mission capital investments into NFT-focused startups have ballooned over the last yr, with over $2 billion value of capital invested throughout 331 firms, in step with information supplier Pitchbook. learn extra

Paris Hilton, who has purchased and created NFTs and invested in more than one cryptocurrency firms, posted a video of an animated Bored Ape NFT persona to her Twitter account on Sunday.

Immi plans to release its personal characters as NFTs, along with animating extra current NFTs one day, the corporate mentioned.

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Reporting via Lisa Mattackal in Bengaluru; Modifying via Krishna Chandra Eluri

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