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The non-fungible token landscape just got a little more crowded with Eternal gaining funding from some big players.
A new NFT marketplace that focuses on trading Twitch streamer clips has secured additional funding from Mark Cuban and Coinbase. While most of the NFT world is hell-bent on minding every meme and viral video, Eternal wants to turn the history of the web into an interactive game featuring clips from the most popular game streamers on Twitch. The project is being led by startup Zelos Gaming and its co-founders Jeffrey Tong and Deek Chiang.
Eternal takes cues from NBA Top Shot
The platform functions similarly to other popular NFT products such as NBA Top Shot and Sorare. Customers have the ability to purchase packs of serialized clubs from the Ethernal network of Twitch streamers that have partnered with the project. One major advantage that Eternal has over NBA Top Shot relates to the deals it signs with talent. While NBA Top Shot requires deals with the league and players association, Eternal can deal with players on an individual basis. There is no entity that Twitch has to deal with and allows Eternal to connect directly with content creators. The platform has announced it is currently focused on signing deals with the top 0.05% of Twitch streamers.
So far, the startup has garnered a lot of positive attention, especially from some major names in the cryptocurrency investment world. Some highlights of the roster of backers include individuals like Mark Cuban and Gary Vaynerchuk and companies such as NFX, Coinbase Ventures, and Dapper Labs. Arrington Capital also participated in the startup’s latest funding round, investing $4.5 million into the marketplace.
Streamers will be able to take their top clips and mint them to NFTs for sale on Eternal. The fact that Twitch already tracks and sorts videos makes this process much easier for creators. The idea is to pair up with notable up-and-coming creators in order to net some bigger fish down the line by signing established talent. Eternal hopes that signing these high-profile streamers will help to raise awareness of the product along with bringing new creators on board.
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