Onchain Labs, Inc.

Onchain Labs, Inc. is a U. S. -based company specializing in a digital marketplace for unique digital artworks, utilizing blockchain technology to facilitate the creation, sale, and collection of non-fungible tokens (NFTs).

Founded in 2018 and headquartered in San Francisco, US, Onchain Labs, Inc. operates a platform that empowers artists to tokenize their digital creations, allowing for authentic ownership through blockchain. The company was co-founded by Daniel Chu and Tobias Scharfenberg, both of whom have experience in the technology sector. In August 2021, the company successfully raised USD 30 mn in a SERIES A funding round led by Bessemer Venture Partners and Pantera Capital, with participation from Sony Music Entertainment and returning investor Uncork Capital.

This funding round marks the total amount raised by the company to USD 30 mn across 2 deals. MakersPlace, a platform operated by Onchain Labs, offers a digital marketplace dedicated to the creation, sale, and collection of unique digital artworks. The platform leverages blockchain technology to ensure the authenticity and provenance of each digital piece, enabling artists to tokenize their work as NFTs. By providing tools for minting, showcasing, and selling digital art, MakersPlace caters to both established and emerging digital artists as well as collectors interested in unique digital assets.

The company has a global reach, operating in markets across North America, Europe, and Asia. MakersPlace generates revenue through transaction fees on NFT sales within its marketplace. A percentage of each sale price is retained by the platform as commission, ensuring that artists receive the majority of proceeds while sustaining its business model. The transaction structure primarily caters to direct sales from artists to consumers.

Additionally, the platform engages in partnerships with galleries and institutions for promotional purposes, diversifying its revenue streams. Pricing for individual artworks varies based on the artist's strategy and the uniqueness of the NFT. Following the recent SERIES A funding round in August 2021, which raised USD 30 mn, Onchain Labs, Inc. plans to enhance its platform and support digital artists further.

The funding will be utilized to explore strategies for bringing art NFTs to a wider audience. The company is also considering expansion into new markets, although specific regions and timelines have not been disclosed. The focus on improving the platform aims to solidify its position in the evolving digital art landscape.