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Mark Cuban-backed AI firm Alethea Raises $16 Million To Launch Intelligent NFTs

Alethea AI, a non-fungible token protocol, has closed a $16 million private token sale to establish a scalable infrastructure for the NFT market. The firm, backed by billionaire investor and Shark Tank host, Mark Cuban, raised the funds to launch intelligent NFTs that are dynamic and interactive in nature. Alethea AI’s indulgence in raising the funds once again underlines the increasingly high demand for digital collectables.

Alethea AI allows users to embed AI animation and voice synthesis capabilities into digital collectables such as NFTs. The firm planned to expand in space with the heated competition with intelligent NFTs. The firm disclosed the private and restricted token sales to raise funds that will go into building scalable AI infrastructure for NFTs in order t provide digital collectables with dynamic characteristics. The Cuban-backed firm has been collaborating with Open AI, an artificial intelligence research centre, for their underlying technology.

According to the company’s statement, Alethea protocol will embed NFTs with personality traits, preferences, real-time interactive capabilities, and turn them into interactive media assets once the development is completed. The AI Company added that users will be able to animate their NFTs to do almost anything they want. While a few of the intelligent NFTs already exist, the AI protocol aims to expand their abilities to create more intelligent tokens.

The AI Company gained the interest of several branded names for its intelligent NFTs protocol. The company closed $16 million in private token sales led by Mark Cuban and co-led by Metapurse. Some of the blockchain industry’s biggest ventures joined in the sale, including Multicoin, Galaxy Interactive, Dapper Labs, Alameda Research, LD Capital, and Borderless Capital among others. Some notable individual investors participated in the sales as well, including Meltem Demirors of CoinShares, and Haseeb Qureshi of Dragonfly Capital.

The NFT mania is showing little to no sign of waning. The latest hot-pick surrounds Etereum Pet Rocks which are selling for record amounts. In a recent report, EtherRock 61 was sold for 78 ETH on August 11, which was equal to $250k at the time of selling. The most expensive EtherRock was selling for approximately $1.9 billion worth of Ethereum.

Venture capitalist firms are also backing NFT protocols and platforms with greater resolve. Several major investors including Sony, Pantera, and Coinbase Ventures have recently backed a $30 million Series-A funding round for MakersPlace.

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