120
AgriDex, a Solana-based tokenization platform, said it raised $5 million to bring agricultural commodities on-chain. The pre-seed funding round included investments from Endeavour Ventures, sub-Sarahan African agricultural group African Crops and South African vineyard group Oldenburg Vineyards, the company said by email on Thursday.
AgriDex allows various crops to be bought on its marketplace. When finalized, deals are then secured by minting a non-fungible token (NFT) recording the key transaction details.
The tokenization of real-world assets (RWAs) is an area of the crypto industry that has been gathering momentum in recent months. A report by CoinGeckofound RWAs to be the second most profitable narrative in first quarter, offering 286% in returns, albeit a distant second to the 1,313% offered by meme coins.
Tokenization of RWAs has generally been more focused on assets such as stocks, bonds and metal commodities like gold. AgriDex is attempting to extend this narrative into the $2.7 trillion global agricultural industry.
You Might Be Interested In
- Major League Soccer Partners with Sweet to Launch NFT Platform MLS QUEST on Sui
- Luxury Designer Brand Louis Vuitton and Pharrell Launches NFT Varsity Jacket
- Futureverse Acquires Candy Digital, Taps DC Comics and Netflix IP to Boost Metaverse Strategy
- Web3 Game Moonray Mint Out Their Godspawn NFTs
- CryptoPunk Sells for $56M, Internet Speculates Wash Trade
- NFL Players Union Sues DraftKings For Allegedly Breaking NFT Contract