Based, a communication platform built around NFTs, today announced it raised $3.5M in pre-Seed funding in anticipation of its upcoming NFT release. The round was led by Progression Fund, a consumer fund focused on generational shifts. Additional investors include Hannah Grey, Collab+Currency, Palm Tree Crew, Franklin Templeton, GFR, and crypto-focused angels and influencers including SolBigBrain.
Based enables users to easily surface NFT content from their friends and communities to share between smaller token-gated groups and private chats. The platform’s vision is to use NFTs to change how people build relationships in an increasingly digital-first world.
“NFTs are the most powerful membership technology created. But people don’t belong to just one club, they belong to twenty.” says Based cofounder Adam Lurie. “The future of these clubs is moving from monolithic communities to smaller, tight knit circles based on shared values and what’s in your wallet. Based is building for the future of these NFT inner-circles.”
Starting with Solana, Based’s personalized feeds make it easy for users to see relevant NFT activity from their friends and groups as well as pertinent information from NFT projects they follow. In doing so, the platform reduces the tens of millions of SOL transactions a day to the dozens that users personally care about. Users can then easily share and discuss any of this content with their friends and NFT inner-circles.
“New technologies for human communication always birth new networks and platforms built for those networks,” said Progression Partner Mark Linao. “We’re excited by Based’s vision to become the place where new personal web3 networks are built.”
Based is launching with MKRS, a custom designed NFT collection that segments holders into micro-communities, creating an opportunity for deeper engagement between users within the app. By raising venture capital and building its own NFT community, Based joins a small number of web3 consumer apps developing a new hybrid model. Based’s financing will fund core operations so NFT proceeds can be recycled back into the MKRS community. In doing so, the company can drive both a world class product and NFT community at the same time.
Based is where your NFT inner circles overlap. Discover important NFT moments as they happen and seamlessly share them with your sub-communities, alpha groups, and OG chats.