September 26, 2022

Tezos Foundation invests €100,000 in Estonian startup

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Tezos Foundation invests €100,000 in Estonian startup

International blockchain platform Tezos expands support for digital art industry participants and invests €100,000 in the projects of the Estonian startup Kanvas.

Kanvas became the first art startup in the Baltics,the development of which was supported by the Tezos Foundation. In a joint call, the partners announced that as artists' interest in digital art expands, so too will the number of artists choosing Tezos to create non-fungible tokens (NFTs):

“One of the biggest problems of the art market is thatthat art is very local and it is difficult for an artist to go international. Technology opens up many new possibilities. In partnership with Tezos, our platform offers them to artists and gallery owners. In this way, works of art can be touched by a much wider audience.”

According to the startup team, with the support ofOn the Tezos blockchain platform, artists, collectors and galleries will be offered various technical solutions: a virtual environment for buying and selling, a secondary market for collectors, online exhibitions, NFT opportunities and augmented reality technologies. So far, 75 professional artists from Estonia have joined the Kanvas platform, as well as 20 collectors.

In May, the non-profit organization Tezos Foundationannounced that it has raised about $1.23 million to support the creation of non-fungible tokens based on the work of emerging artists from Asia and Africa. Tezos Ecosystem Communications Director Reid Yager said that in the coming years, artists around the world will be able to freely create and sell their NFTs.