- Unacademy’s funding round and valuation.
- Growing popularity oon NFTs
Yerevan (CoinChapter.com) – Unacademy, the India-based educational platform, has raised $440 million in a new financing round, as Gaurav Munjal, the co-founder, and CEO, reported on August 2. The fund could help further popularize NFT creation in India.
According to the CEO, the learning platform will use the funds to built non-fungible tokens (NFT), among other things. “There are three major products that we will build and scale,” stated the CEO. One of the products is the Unacademy platform itself, which helps users prepare for various exams.
The second project is the Relevel, which aims to bring people closer to their dream job, regardless of their educational background. Finally, the third project is called Graphy. It “empower[s] creators to build their online businesses to sell digital goods, including NFTs,” Mr. Munjal commented.
The educational startup was evaluated at $3.44 billion, up from $2 billion in November 2020. During the pandemic, Unacademy grew along with other online learning tools.
The platform has 6 million monthly active users in over 10,000 cities in India, not 50,000 educators.
Growing popularity of NFTs
Non-fungible tokens are unique digital properties that people create and sell using a blockchain—NFTs range from art pieces, paintings, installations to sports memorabilia and intellectual property. Sports fans are all for it as well, with the Knicks’ limited-edition 3D NFTs selling like hot pies.
Sweet NFTs, the startup behind the NBA sports NFTs, noted that they would allow their users “to curate and display a selection of their NFTs from a public profile is game-changing when it comes to mass adoption.”
Similarly, Unacademy has spotted the growing demand for them, and the new funding could bring the users closer to learning the fundamentals behind creating NFTs and selling them.
Many people see NFTs as a way to revolutionize culture. One of them is Andrew Steinwold, the Chicago fund manager who started an NFT fund back in 2019.
“All the time, money, and effort you spend in your digital life, you can create value for that. You have property rights in the physical world. Why don’t we have property rights in the digital world?” commented the executive.
Meanwhile, NFTs grow at a higher rate than ever. NFT market registered a $57.04 million trading volume in the past 24 hours, including 28,820 separate tokens.
Unacademy has closed its funding round at $440 million, distributed between three main projects.
They include Unacademy itself, Relevel, and Graphy, which will primarily focus on NFT creation. The tremendous advance of the learning platform could further popularize NFT building in India. The South-Asia giant already saw three new NFT marketplaces emerge in the past two months.