Dapper Labs Invests in Infinite Objects: $6 Million Seed Raise
Reshaping Digital Ownership: Infinite Objects and the Physical NFT
The emergence of Non-Fungible Tokens (NFTs) is fundamentally altering perceptions of digital ownership. Infinite Objects, a hardware startup specializing in art displays, recognizes a significant opportunity to extend this concept into the physical realm, aiming to redefine how digital art and collectibles are experienced.
Dedicated Displays for Digital Art
Infinite Objects manufactures screens specifically designed to showcase a single video artwork from a single artist. These devices are intentionally limited in functionality; they do not support app downloads, personal photo uploads, or display time or weather information. Acquiring additional artwork requires purchasing a separate display unit directly from Infinite Objects.
Each screen is meticulously detailed with information pertaining to the artwork, including edition and serial numbers, physically etched onto the device's casing. This permanently links the physical display to the digital work it presents.
Seed Funding and Key Investors
Joe Saavedra, CEO of Infinite Objects, revealed to TechCrunch that the company has secured $6 million in seed funding. This investment round was spearheaded by Courtside VC, with notable participation from Dapper Labs, the creators of NBA Top Shot.
From Physical Displays to NFT Integration
Initially, Infinite Objects operated as a platform for physical art displays, predating the widespread NFT boom. Since 2018, the company has collaborated with artists to produce limited-edition display frames featuring looping digital artworks. While these videos were accessible on the Infinite Objects website, the primary value proposition lay in owning an official, physical representation of the artist’s work.
The increasing popularity of NFTs as investment assets earlier this year presented a substantial opportunity for Infinite Objects. As discussions surrounding the future of digital art and digital scarcity intensified, the company recognized the potential to bridge the gap between the digital and physical worlds.
Early NFT Partnerships
The team had previously experimented with NFTs, collaborating with artist Beeple in December – prior to his record-breaking $69 million sale at Christie’s – to release “physical tokens” representing NFTs sold on Nifty Gateway.
Expanding Accessibility and Appreciation
Saavedra believes his company’s approach can make NFTs more accessible and understandable to a broader audience. He also envisions a shift from purely speculative NFT ownership towards a greater focus on appreciating the artistic merit of the digital works themselves.
“While acquiring an NFT for $500 or $5,000 can be exciting, showcasing it requires opening a web browser on a phone, which isn’t ideal,” Saavedra explained to TechCrunch. “Our physical displays offer a tangible and easily understood representation, even for those unfamiliar with blockchain technology, resembling limited-edition physical merchandise.”
Distinguishing Infinite Objects from Conventional Displays
Saavedra is critical of conventional digital displays that cycle through multiple artworks, suggesting that NFT owners could simply display images of their NFTs on televisions. However, he argues that these alternatives function merely as “glorified screensavers.”
Future Plans and Blockchain Technology
Infinite Objects is exploring further opportunities within the NFT space, though specific details remain undisclosed. The composition of this funding round offers potential clues, particularly the involvement of Dapper Labs.
Dapper Labs is developing its own blockchain, Flow, and Saavedra praised its scalability and sustainability compared to the Ethereum network. Dapper Labs recently launched its first third-party NFT platform in partnership with Genies, another investor in this round, creating a digital accessories storefront scheduled for release this summer.
Additional Investors
Other participants in the funding round included Serena Ventures, Betaworks, Brooklyn Bridge Ventures, GFR Fund, Kevin Durant & Rich Kleiman, Genies, and Ashton Kutcher’s Sound Ventures.