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May 6, 2021, Toronto, Canada – Charged Particles today announced that they have successfully closed their $1m seed round, with a valuation of $20m. The seed round itself was oversubscribed by nearly 10x upon closure and featured many of the investors from their pre-seed round.
Strategic investors now on board
The investors in this round include DAOMaker, HashKey, Au21, Jordan & Kain from Synthetix, and additional investments from many of the investors from the Charged Particles pre-seed round: The LAO, ParaFi, CoinGecko, LongHash, MoonWhale, D64, and Fourth Revolution Capital. Angels from the pre-seed include Leighton Cusak (PoolTogether), Stani Kulechov (Aave), Liz Rabban (Ex-Celsius Network founding team), Matt (Nifty Gateway), and Tyler Ward (BarnBridge).
“Charged Particles facilitates the convergence of the most exciting primitives in crypto today: NFTs+DeFi (and so much more). By enabling more flexible creation of and interaction with custom ERC-bundled NFTs, Charged Particles is redefining uniqueness and ushering in a new era of innovation, from dynamic multi-party royalty streams to automated charitable contributions to novel prestige-accruing metaverse items. Charged Particles will be to NFTs what Ethereum was to Bitcoin.” EJ Rogers, Fourth Revolution Capital.
“The MVP feature of NFTs is ownership. The next frontier of NFTs will layer on assets, rights, and metadata. And on this frontline, Charged Particles is an electrifying beacon.” Shi Khai Wei, LongHash Capital.
“We believe that Charged Particles will be an integral part of the NFT ecosystem, especially in the intersection of finance and creativity. It will unlock new possibilities for creators, artists, and developers to use NFT in ways we have not yet seen before.” – TM Lee, Co-founder, and CEO at CoinGecko.
“Charged Particles is bringing more utility to NFTs by combining elements like yield-bearing assets with NFTs. This programmed functionality of NFTs unlocks novel use cases and markets.” – Santiago R Santos, Partner @ ParaFi Capital.
Overview
Any NFT can be transformed into a wrapper containing other ERC-20 tokens with Charged Particles, even other non-fungible tokens. This functionality adds true, scalable utility to the NFT ecosystem by allowing creators to load their NFTs with an interest-bearing token (e.g., aDAI), which accrues interest over time, giving the token a “Charge.” The Principal amount can be time-locked inside the NFT, and through integration with Aave’s aTokens, the programmable yield from these DeFi yield-generating assets is simple to achieve.
The potential use cases for the Charged Particles Protocol are incredibly broad:
- Creators – Artists and creators have a wealth of new opportunities to monetize their art, provide collections with intrinsic value that grows over time, and even collaboratively support charities, museums, and institutions by splitting yield between various entities.
- Galleries, museums, and exhibitions – Providing an on-chain link to a physical piece of art and generating opportunities for decentralized ownership for buyers and passive income for the institutions themselves.
- NFT giveaways – Increasing scarcity and value by including special, extra rare NFTs loaded with exclusive social tokens or yield-bearing functionality to an NFT collection
- Gaming – Enabling developers and gamers alike to move to a fairer system, where early adaptors unlock special in-game assets (NFTs), which increase in strength over time based on their yield. Realistically, there are many applications for Charged Particles’ unique superpowered NFTs within the gaming space.
With a powerful secondary sale marketplace already in place with a zero fees model, or the ability to sell Charged NFTs on the open market through the likes of Rarible, the opportunities for creators are endless.
According to Chris Furlong, LAO Member:
“”NFTs today focus on art, but the possibilities are tremendous. Charged Particles transforms NFTs into wrappers/containers, adding charges to them could go in many directions.”
What are the next steps for Charged Particles
Following the successful seed round closure, the Charged Particles team will continue to work on the product; and are looking forward to some exciting announcements in the very near future, including:
- Token Generation Event
- Layer 2 Implementation
- Staking & Liquidity Mining Programs
- Additional DApps
The team recently made headlines with their biggest sale to date for over 42 ETH! The piece was a collaboration with CryptoArt collective The Guild that was loaded with interesting-bearing aDAI, interest-bearing aWETH, $CHARGE social tokens, alongside 14 unique NFTs from different artists. All of this was locked inside a single NFT through the technology of the Charged Particles protocol.
In the meantime, the Charged Particles community continues to grow. Their most recent event, Altered State: Charged Particles Art Drop #3 was responsible for one-third of all the users logged on to Decentraland at the time, gathered over 800 people in discord, and over 1700 attending in Cryptovoxels. It’s clear that the perceived value of Charged Particles extends far beyond the team and their group of strategic investors.
About Charged Particles
Charged Particles seamlessly blends Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) to create utterly unique “charged” NFTs, containing yield-bearing properties. Charged Particles Protocol enables users to turn any NFT into a DeFi NFT, then choose from numerous yield management options.
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