Blockchain startup Oxalus raises $1.1m for NFT social commerce expansion

Vietnamese blockchain startup Oxalus announced raising $1.1 million in a Seed funding round anchored by IDG Capital Venture Beta (IDGCVB) and Kyber Ventures.

The two investors have previously invested in notable blockchain ventures, including Centic, Next Vision Capital (NVC), Coin98, Airstack, and Aura Network, according to the announcement.

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Founded in 2022, Oxalus has shown rapid growth, connecting with over 200 partners across Asia, Latin America, and the United States, and attracting roughly 900,000 unique users. As it advances its NFT social commerce platform, the startup intends to augment its social network application, empowering users to interact, create content, and spark conversations.

This platform extends beyond simple connections, acting as an NFT marketplace with intelligent analytics tools.

Hieu Nguyen Dang, the founder and CEO of Oxalus, expressed his enthusiasm for NFTs and his ambition to utilize the new funding to bolster data development and expand the engineering team.

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Despite a challenging market climate, a representative of IDGCVB voiced strong confidence in Oxalus and its innovative approach. Their perspective underscores the promising potential in the convergence of social commerce, blockchain, and NFT, facilitating a broad spectrum of trader activities and informed purchasing decisions.

David Tran, the General Partner of IDGCVB, emphasized the company’s stringent selection criteria. The startups must exhibit proficiency in blockchain technology and demonstrate the potential to drive market breakthroughs in this emergent field.

Oxalus provides a platform that integrates social networking and NFT commerce. It enables users to connect, interact, and purchase NFT collections without leaving the platform. Users can stay informed about market news, upcoming NFT events, and manage their portfolios while interacting with other traders and collectors.

What sets Oxalus apart is its inclusion of an NFT Aggregator, a tool designed to help professional traders buy NFTs from multiple marketplaces at the most competitive prices. Furthermore, its sophisticated analytics tool allows users to uncover and visualize blockchain data, effectively tracking wallet and collection activities, thereby facilitating smarter investment decisions.