Former SoftBank, Facebook Executives Launch NFT Startup — The Information

Two former Meta Platforms A new startup that uses non-fungible tokens for creators is being launched by executives. Kirthiga Reddy Saurabh Doshi Have raised over $8 Million for their new company VirtualnessThe Information is the first to announce. The new platform will allow creators to design, produce, and display digital collectibles. It will be launched next year. Reddy, who was the first Meta Platforms employee from India, is also a former. SoftBank investor. Doshi was the former head for creators in emerging market at Meta and vice president. Viacom Group. 

It’s a tricky time to launch a Web3 startup. NFT marketplaces face pressure from rivals to stop requiring traders pay creators royalties (or a cut on the transaction) every time they buy collectibles. Then there’s the broader crypto environment. The sudden crash of cryptocurrency has shaken confidence in crypto. Sam Bankman-Fried’s FTX, which was the 2nd largest crypto exchange in the entire world.