NFT Startup Otterspace Closes $3.7 Million Funding Round with Coinbase Ventures Involved

NFT startup Otterspace closed a $3.7 million round of funding led by Cherry Crypto and Inflection, with participation from Bessemer Venture Partners, Coinbase Ventures, Btov Partners and Paua Ventures. The funds raised will be used to build a protocol and application designed to reduce financialization in Web3.

Otterspace aims to use NFTs that are earned rather than bought to reward certain behavior and recognize participation in a decentralized autonomous organization (DAOs). Once contributors have completed certain tasks or behaviors set by the DAO through the application, a contributor earns one of these nontransferable NFT badges which entitle them to a host of benefits.