Cardano-based Spores Network Raises $2.3 Million ahead of Its Cardstarters IDO


Spores Network has raised $2.3 million from leading crypto funds, including Focus Labs, NGC Capital, and Maven Capital, to become the first full-stack, blockchain-agnostic DeFi-powered NFT marketplace, a press release on July 15 shows.

Cardano Network to Host the Spores Network

The protocol aims to decentralize pop culture using the Cardano blockchain and its ecosystem. By focusing on the creator, the team is putting weight into eliminating unnecessary barriers. 

For this reason, the Spores Network is optimized for minting, NFT auctioning, and sharing creative works. 

Presently, the Cardano development team plans on activating smart contracting capability.

However, the activation of the Mary HFC opened more opportunities, allowing users to use native assets to mint NFTs. 

Spores Network to Be the “Alibaba and Alipay” of the Crypto World

According to Duc Luu, the Executive Chairman, the platform aims to be the next Alibaba and Alipay as a public DeFi-integrating NFT marketplace.

Using the blockchain, the team will tap on its efficiency and cost-reducing features to offer all shareholders a fair deal from a transparent platform. 

Through the Spores Network, creators would have a voice and more revenue.

Commenting, Duc Luu, noted:

“We at Spores Network are incredibly excited to launch our vision of NFTs and De-Fi with the support of world-class crypto VCs and KOLs who see a future that is frictionless, borderless, creator-centric, and community-driven to create, exchange, and communicate our physical and digital life’s work.”


“We will launch Asia’s premier NFT marketplace and decentralized financing tools to be the Alibaba and Alipay of the crypto world. Our marketplace will bring to market creative verticals such as digital art, gaming, animation, celebrity, and esports, providing creators in those verticals a share of revenue and voice.”

The Rise of NFTs, Spores Network IDO Registration Starts on July 24

NFTs continue to gain traction, moving in recent days, in lockstep with DeFi. 

Interestingly, the latter’s expansion also coincided with the increasing meshing with NFTs. This creates a complete system where an artist can mint, auction, market, and reap more revenue than would be the case. 

According to Roger Lim of NGC Capital, NFTs are a perfect way for the non-crypto native to dabble with decentralization and experience frictionless ownership.

Registration for the Spores Network IDO on Cardstarters will start from July 24, 2021.

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