Pallet Exchange
Creating an NFT marketplace aimed at improving customer loyalty.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
* | $2.5m | Early VC | |
| Total Funding | 000k | ||
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Pallet Exchange operates as a Non-Fungible Token (NFT) marketplace built on the Sei blockchain, a Layer 1 network recognized for its fast transaction speeds and low gas fees. The company was founded by University of California, Berkeley alumni Kelvin Wang and Davy Li. Their prior experience includes the creation of The Beacon, a game on the Arbitrum blockchain, where they managed over $2 million in primary NFT sales.
The firm's core business revolves around providing a platform for trading NFTs, aiming to solve common issues like high transaction costs and slow speeds that affect other marketplaces. Pallet Exchange serves the Web3 community, specifically targeting NFT creators and collectors. The business model generates revenue through transaction fees on the platform, and it has reported crossing a $2 million annual run rate. Since the beginning of 2024, the platform has attracted over 2 million unique visitors and facilitated more than $20 million in trading volume.
In March 2024, Pallet Exchange announced the closure of a $2.5 million private funding round. The round saw participation from notable investment firms such as Spartan Group, Symbolic Capital, and Cypher Capital, along with angel investors from companies like Coinbase, MoonPay, and Yield Guild Games. This capital injection is intended to support the platform's growth, including the launch of Sei v2, and to enhance liquidity and user retention. The company plans to introduce new features, such as 404-token compatibility, wallet-to-wallet messaging, and a rewards program to increase user engagement.
The selection of the Sei blockchain was a strategic decision by the founders, aiming to leverage its parallel EVM-compatibility for enhanced performance. Pallet Exchange hosts over 300 listed projects and is positioned as a key player in the expanding NFT ecosystem on Sei. The Sei Foundation has also launched a $10 million Sei Creator Fund to further stimulate the growth of NFT and social projects on its blockchain, which directly benefits marketplaces like Pallet Exchange.
Keywords: NFT marketplace, Sei blockchain, Kelvin Wang, Davy Li, digital collectibles, crypto trading, Web3 platform, Spartan Group, Symbolic Capital, Cypher Capital, 404-token, NFT exchange, blockchain technology, decentralized finance, digital assets, crypto investment, user engagement, NFT creators, NFT collectors, Sei ecosystem