Multicoin-backed crypto startup Mercury has raised $7.5 million from investors betting that its invisible crypto-tech will enable a lucrative wave of experiences for sports fans. realDannyNelson reports
College sports startup Mercury has raised $7.5 million from Multicoin and other venture backers betting that its invisible crypto-tech can enable a lucrative wave of experiences for fans, the company said Thursday.
Mercury is using NFTs on the Flow blockchain as access passes to IRL experiences for college fanbases. But the backend should be irrelevant to Mercury’s end-users, CEO Porter Grieve told CoinDesk. Hee does not want customers to think about the more technical part of the initiative.Instead, Mercury wants to focus attention on the potential for creating hyperlocal fan clubs using the company’s digital collectibles.
One curveball: “Name, image, likeness.” The new NCAA rules enabling college athletes to monetize themselves means Mercury must sign each player individually to include them on the platform. Multicoin Capital led the round with participation from North Island Ventures, Crosslink Capital, Brevan Howard Digital, and others, a press release said.
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