The company plans to use the funding to improve its Bitcoin marketplace and increase its media presence.
Scarce City, a marketplace of Bitcoin-related artworks, has raised $690,420 from investors including Jason Williams, Brad Mills, Plan B Ventures, Lightning Ventures, and Fulgur Ventures.
“We’re grateful to bring bona fide Bitcoin investors on to our team to contribute to our mission to support Bitcoin culture and adoption,” said Scarce City’s chief executive pleb, Chris Tramount, in a statement sent to Bitcoin Magazine.
Scarce City leverages Bitcoin technology, including the Lightning Network, to decrease auction costs and improve efficiency in its marketplace, where Bitcoin art is auctioned and priced in BTC. Buyers bid online, and the art is delivered as soon as a winner is selected.
Scarce City said in a statement that it would employ the funding proceeds to add more people to its team and improve its platform, developing its auction and marketplace functionalities further. It also said it expects to invest part of its latest funding into increasing its media presence.
“The company debuted its first auction for Chiefmonkey’s ‘Relentless Optimism’ in December 2020 and has since run nearly 300 auctions and facilitated over one thousand Rare Pepe marketplace transactions,” per the statement. “The platform uses low-fee, instant bitcoin transactions made possible by the Lightning Network to under-collateralize auction bids and marketplace listings to keep participants accountable.”
The marketplace aims to foster Bitcoin adoption through a cultural approach. Artworks listed in the platform reference Bitcoin and its historical moments and have limited issuance, granting a level of rarity to the art piece. Scarce City auctions limited edition art in both physical and digital formats.
“Bitcoiners want to create and collect art that represents our revolution. We use Bitcoin tech to make it easy to exchange these goods in a way that’s not practical with fiat,” Tramount added.
The platform hopes to push mainstream Bitcoin adoption further by selling Bitcoin art and memes and using Bitcoin technologies.