Source: Cointelegraph Original: "{title}"
Reservoir is the non-fungible token (NFT) infrastructure provider for Coinbase, MetaMask, and Magic Eden, and the company has completed a $14 million funding round to expand its infrastructure into new markets.
According to an announcement released on February 5, this Series A funding round was led by Union Square Ventures (USV), a technology-focused venture capital firm based in New York. USV is an early investor in companies such as Polygon, Dune Analytics, Matter Labs, Arweave, Dapper Labs, and Algorand.
Other investors in this Series A funding round include Variant, Archetype, and Square Peg Capital.
The funds will be used to expand Reservoir's infrastructure, allowing more networks to integrate NFT transactions. This includes providing token image and data indexing tools, as well as tools for interacting with decentralized exchanges and NFT marketplaces.
Reservoir co-founder and COO Jason Maier told Cointelegraph that while blockchain enables digital ownership, the tools required to trade tokens on-chain are "not out-of-the-box on the blockchain."
"Creating a unified marketplace for NFTs (and tokens as a whole) requires robust token indexing, aggregating token liquidity in the market, and interfacing with decentralized exchanges," Maier said. "These APIs and developer tools are exactly what teams like Coinbase, MetaMask, and Magic Eden are using."
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During the last cryptocurrency bull market, which peaked in 2021, NFTs were arguably the most defining theme. This momentum continued into 2022, with NFT sales reaching $57.2 billion, a historic high according to DappRadar.
However, the market has significantly declined in recent years, with NFT trading volume and sales in 2024 being the lowest since 2020.
Compared to the peak in 2022, NFT activity has decreased by 76%. Source: DappRadar
Maier attributes the market volatility to the bursting of the "NFT bubble," which emerged after a period of intense speculative frenzy in the market.
"At the end of the day, NFTs are just tokens that are unique, and we are still very excited about how NFTs can fundamentally change digital ownership," Maier added.
Despite the fluctuations, the NFT market has begun to show signs of vibrant resurgence. According to CryptoSlam data, NFT sales reached $877 million in December.
In the same month, Yuga Labs, the company behind the Bored Ape Yacht Club NFT series, acquired the tokenization platform Tokenproof.
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