Lysto Raises $3 Million In Seed Funding

The startup is set to make NFTs accessible across industries through tools, APIs and infrastructure

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First-of-its-kind NFT startup Lysto on Thursday raised $3 million seed capital from BEENEXT, Better Capital, Cloud Capital and other investors, to democratise the global adoption of NFTs.

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The round saw the participation of a stellar line-up of angel investors and entrepreneurs from the crypto and Internet industry, including Binny Bansal (co-founder, Flipkart), Sandeep Nailwal and Jaynti Kanani (co-founders, Polygon), Pradyumna Agarwal (managing director, Temasek), Nitish Mittersain (founder, Nazara Games), Kunal Shah (founder, CRED),  Ashish Hemrajani and Parikshit Dhar (co-founders, BookMyShow), Anupam Mittal (Shaadi.com), Ashish Gupta (founder, Helion Ventures), Kumar Sudarsan (founder, Qwikcilver), among others.

In an increasingly digital world, businesses and consumers are turning to non-fungible tokens (NFTs) as a means of establishing unique ownership of digital assets on the blockchain. As NFTs can act as containers for digital value, they can be applied to any industry, said a statement. 

“NFTs are becoming an integral part of business and culture. With its applications across industries, it is a multi-billion dollar industry, which is largely restricted to digital art and collectibles currently. As the market expands, we see that every e-commerce player, productions and brands would want to launch NFTs to raise funds and monetise their offerings,” said Sadiq Ahamed, founder and CEO, Lysto. 

“We are very excited about partnering with Lysto as an infrastructure layer for NFT space. With its futuristic vision and scalability that allows global application across sectors, Lysto has an ambitious vision to democratising NFTs for every internet user in the world,” said Hero Choudhary, managing partner at BEENEXT.