Scarce City Bitcoin Market Raises $ 690,420

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Scarce City, a market for Bitcoin-related artwork, raised $ 690,420 from investors including Jason Williams, Brad Mills, Plan B Ventures, Lightning Ventures and Fulgur Ventures.

“We are grateful to have brought genuine Bitcoin investors to our team to contribute to our mission of supporting the culture and adoption of Bitcoin,” said Chris Tramount, Managing Director of Scarce City, in a statement sent to Bitcoin Magazine .

Scarce City relies on Bitcoin technology, including the Lightning Network, to reduce auction costs and improve the efficiency of its marketplace, where Bitcoin art is auctioned and priced in BTC. Buyers bid online and the art is delivered as soon as a winner is selected.

Scarce City said in a statement that it will use the proceeds from the fundraising to add more people to its team and improve its platform, further developing its auction and marketplace functionality. He also said he plans to invest some of his latest funding in increasing his media presence.

“The company launched its first auction for Chiefmonkey’s ‘Relentless Optimism’ in December 2020 and has since hosted nearly 300 auctions and facilitated more than a thousand transactions in the Rare Pepe Marketplace,” the statement said. “The platform uses instant, low-cost Bitcoin transactions made possible by the Lightning Network to under-guarantee auction offers and marketplace listings to empower participants.”

The marketplace aims to promote the adoption of Bitcoin through a cultural approach. The artwork listed on the platform refers to Bitcoin and its historical moments and has limited issuance, which lends a level of rarity to the artwork. Scarce City auctions limited edition works of art in physical and digital formats.

“Bitcoins want to create and collect works of art that represent our revolution. We are using Bitcoin technology to facilitate the exchange of these commodities in a way that is inconvenient with fiat, ”Tramount added.

The platform hopes to push Bitcoin adoption further by selling Bitcoin art and memes and using Bitcoin technologies.

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