Despite NFT sales volume being significantly lower than previous all-time highs, Pallet Exchange is developing a new type of NFT marketplace focused on user retention on the Sei blockchain.
Co-founders Kelvin Wang and Davy Li have secured a $2.5 million investment in a private funding round to support their vision of a more sustainable NFT ecosystem beyond profile picture NFTs, with backing from investors like Spartan Group, Symbolic Capital, Cypher Capital, and angel investors from Coinbase and MoonPay.
Coming from creating The Beacon web3 game on Arbitrum, Wang and Li recognized the need for a faster and more user-friendly marketplace experience for NFTs, diverging from the finance-driven approach typical in crypto platforms.
Pallet's focus on fostering community engagement and gamifying the NFT trading experience aims to attract and retain a wider audience, despite the current challenges in the NFT market.
By utilizing Sei's high transaction speeds and low fees, Pallet aims to leverage the platform's growth potential and capture a niche market within the NFT space, with a strong emphasis on user experience and social features.
Pallet's success on Sei has positioned it as one of the fastest-growing NFT marketplaces, boasting substantial trading volume and user engagement numbers. With plans to further expand into the art market and collaborate with creators, Pallet is poised for continued growth and innovation in the evolving NFT landscape.
