NFTs, or nonfungible tokens, are the latest trend emerging in the growing crypto industry. NFTs use blockchain technology to produce unique digital products that people can buy or trade with cryptocurrency.
The tokens are mostly used for buying or selling digital art. For example, a person may buy a NFT of a digital drawing from a favorite artist. That NFT serves as a type of letter of authenticity for the piece, showing that it’s an original work.
MomentRanks is focused on NBA Top Shot NFTs, which are short video clips of a moment in a professional basketball game — a modernized version of trading sports cards.
Dapper Labs, a venture-backed NFT company from Canada, creates the NBA Top Shot moments, which are certified by the NBA. Dapper Labs is the only platform that also facilitates trading these moments.
MomentRanks helps collectors track, appraise and analyze each NBA Top Shot moment and connect with a community of fellow enthusiasts. Danny Adkins and Will Hay founded the company in February and raised a $1.7 million seed round to spur its growth.
Dapper Labs, Boston Seed Capital, Permit Ventures Azure Capital and other angel investors participated in the round.
Adkins and Hay, both Georgia natives, became interested in cryptocurrency during high school. In college, both founders interned at Atlanta’ BitPay, the largest global blockchain payments provider.
"Not everyone has equal access to money or the internet, but I saw this type of technology paving the way for that one day,” Adkins said.
MomentRanks co-founder Danny Adkins.
MomentRanks
Cryptocurrency is often cited as a tool to make payments between different countries easier and provide financial access and safeguards to people who may reside in countries with unstable currencies. For example, Yellow Card, another Atlanta startup, brings cryptocurrency to African countries in an effort to foster financial inclusion and literacy.
The founders saw NFTs as a gateway into the cryptocurrency market for consumers who may not be familiar with blockchain technology. NFTs are bought and sold using cryptocurrency, so more participation in NFT trading means more fuel for the crypto market.
“It incentivizes users and large institutions to get behind crypto,” Adkins said.
Adkins built MomentRanks during his last semester at Brown University. Now, he’s focusing on the startup full time.
The first step with the seed funding has been growing his team, which is at 10 people, Adkins said. The team is fully remote and has three employees currently in Atlanta. Adkins sees keeping this decentralized work model, which mimics the decentralization of the crypto market.
MomentRanks is free for users, and Adkins said the startup is still working out the best revenue stream for the company. As NFTs become more popular, MomentRanks plans to expand beyond NBA Top Shot analyses.
“MomentRanks would be a hub for collectors and be one place to view all the information about these separate marketplaces,” Adkins said.
Stephen Pair, CEO and cofounder, Bitpay
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FilmHedge CEO and founder Jon Gosier
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John Perry, CEO and founder of Bluefin
Founded in 2007, Bluefin raised $25 million at the end of last year to expand its geographical reach, which already includes 130 partners across 32 countries.
Curricula CEO Nick Santora
Curricula, an Atlanta Tech Village startup, raised $3 million last year to expand its team to 30 and released a new product earlier this year
Featurespace founder and U.S. expansion lead Dave Excell
Featurespace raised $37.4 million in 2020 to fuel its expansion into Singapore. The Technology Association of Georgia named it an innovative company of the year.
Oversight Systems Inc. CEO Terrence McCrossan
Oversight, which has more than 200 enterprise partners, made the Atlanta Business Chronicle’s 2020 Pacesetter Awards list and garnered recognition from TAG for its innovation.
Hermeus founders CEO AJ Piplica, COO Skyler Shuford, CPO Michael Smayda and CTO Glenn Case
Hermeus is leasing a 110,000-square-foot space in Doraville for its headquarters and aircraft assembly factory and raised a $16 million round last fall.
Nexus Fuels CEO Jeff Gold
Nexus Fuels, backed by Cox Enterprises' Cleantech division, has produced about 310,000 gallons of oil and diverted more than 2.7 million pounds of plastic from the landfill.
Valor Ventures general partners Lisa Calhoun (from left), Robin Bienfait, Gary Peat and investor William Leonard
Earlier this year, Valor closed its second, $21 million fund, which includes investments in Physician360 and LeaseQuery.
Overline partners Sean O'Brien (left) and Michael Cohn
This seed-stage investment firm closed its first fund of $27 million earlier this year, surpassing its initial goal.
Mike Dowdle of Circadian Ventures
This early-stage investment firm launched at the end of the last year to help grow tech-enabled companies founded by veteran entrepreneurs in the Southeast.
Shila Nieves Burney, founder of Zane Venture Fund
Zane Venture Fund has investments from Calendly CEO Tope Awotona and Sig Mosley, the “Godfather of Angel Investing.”
Paul Judge (left) and Mark Buffington, founders of Panoramic Ventures
The goal for Panoramic Ventures' first fund is $300 million, and the firm has a team of more than 25.
Offbeat Media Group co-founders Bailey Grady, Christopher Travers and Shep Ogden
Backed by Shark Tank billionaire Mark Cuban and Atlanta Ventures, Offbeat Media Group is using innovative marketing strategies to help brands advertise on social media.
DecisionLink Business CEO Tim Page
Founded in 2011, DecisionLink raised $18.5 million from prominent Silicon Valley firm Accel at the beginning of this year.
George Azih, founder, CEO, LeaseQuery
LeaseQuery, which was bootstrapped until 2019, is backed by Goldman Sachs and consistently garners local recognition for its fast growth.
11Ten Innovation Partners CEO James Lewis
11Ten Innovation Partners was named an Atlanta Business Chronicle 2021 Pacesetter and has partnerships with Emory Healthcare Innovation Hub and the Verizon 5G Innovation Hub.
Speedscale CEO Ken Ahrens, from left, Vice President of Sales Nate Lee, Chief Technology Officer Matt LeRay
Speedscale, backed by Silicon Valley’s Y-Combinator and Atlanta’s Tech Square Ventures, prevents product incidents in programmers’ code through automation.
PrizePicks CEO Adam Wexler
A partner of the Atlanta Braves, PrizePicks is the closest legal alternative to legal mobile sports betting in many areas across the country.
Stord CEO Sean Henry and Jacob Boudreau
Founded in Georgia Tech’s CREATE-X program, Stord raised $100 million from West Coast investors and bought transportation provider Cove Logistics this past year.
Paul Noble, founder and CEO of Verusen
Verusen raised $8 million earlier this year after seeing massive growth in 2020 because of an increase in demand due to the pandemic
Gimme founders Evan Jarecki and Corey Hewett
Gimme released a new product late last year and saw an increase in demand during the pandemic as companies looked for technology to better manage their supply chains.
Roadie CEO Marc Gorlin’s previous venture was Kabbage
As delivery demand increased because the pandemic, Roadie launched their services to 3,000 new stores in two months.
Tim Sheehan
Greenlight Financial Technology raised $260 million in May 2021, tripled its year-over-year revenue in 2020 and plans to hire 300 employees in the next two years.
Atlanta Tech Village gives city’s tech entrepreneurs first home address
Atlanta Tech Village opened their doors back to entrepreneurs in May 2020 and kept all 300 company tenants throughout the pandemic.
The Gathering Spot
The Gathering Spot connected members digitally through a program called “Circles” and increased its membership during the pandemic. The club is expanding into Washington D.C. and Los Angeles.
Jay Bailey, director of Russell Center of Innovation and Entrepreneurship
The 50,000-square-foot Russell Center raised $25 million and retained 98% of its companies through the pandemic.
Byron E. Small
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