Novel Commerce Inc Raises $6 Million in Seed Funding Round

Novel Commerce Inc, which helps retailers, brands and content creators create and sell non-fungible tokens, said it raised $6 million in a seed round that valued the company at $21 million.

The New York-based startup, called Novel, allows retailers to generate and sell tokens, commonly known as NFTs, without having to code their own tokens. Novel will also offer companies the ability to create content, products and discounts for online storefronts and their NFTs.

The funding comes as brands have accelerated experiments with Web3, blockchain and other emerging technologies. Many companies have already bought real estate in the metaverse, while others have sold NFTs.

Novel is not the only company working on making it easier for brands to create and sell NFTs. Shopify is also testing a program that allows companies to generate and sell NFTs directly through its storefronts. Novel is also available as an application on the Shopify platform.

The novel aims to help marketers with that strategy, said Anna Merzi, co-founder and chief revenue officer. She said, for example, it could be an NFT that gives owners access to an exclusive shopping experience.

Its clients include Everlane Inc, and Schnacks LLC, which operates snack marketer TBH. Novel is led by Ms Merzi and the CEO of the company, Roger Beaman.