SOON (Solana Optimistic Network), an Ethereum-based crypto project, concluded the COMMing SOON NFT Mint Round 1 with $22 million raised from NFT sales. The latest funding coincides with the project’s public layer-2 mainnet debut.
SOON employs the Solana Virtual Machine as its execution layer to facilitate compatibility with smart contracts and transactions on decentralized applications (dApps).
The Ethereum-based protocol revealed in an X post that 3,015 participants participated in the NFT minting process. Among them are prominent platforms such as Hack VC, Anagram, Hypersphere, ABCDE Labs, SNZ Capital, GeekCartel, ArkStream, and Web3Port Labs.
Earlier this year, the project disclosed its plan to raise cash through three rounds, starting with COMMing SOON, which began on January 14th. The remaining rounds, As SOON As Possible and SOONER than LATER, will launch before next month’s end. SOON attracts participants with a 51% allocation of its native crypto token’s supply.
COMMing SOON NFTs featured three sets of digital collectibles – SOON-PILLED, SOON Squad, and SOONers. While the first set sold out within three minutes, the remaining two sets saw 545 and 179 units from their supply unsold. All 545 unsold SOON Squads will be distributed among token holders, while the 179 SOONers will be reserved for community rewards.
Unlike most projects that raise money through conventional fundraising mechanisms, SOON adopts crowdfunded NFT sales to secure cash to finance its operations. Commenting on the latest initiative, the project’s co-founder and CEO, Joanna Zeng, said:
“While many founders chose a traditional route and raised exclusively from VC, we chose to offer equal deal terms for VCs and our community, ensuring a fair launch token distribution and allowing both to participate on an equal footing.”
The latest funding round attests to NFT’s liveliness despite pessimistic comments from critics. Last year, the market accumulated $8.8 billion in sales, a significant increase from the metric in 2023.
With two more rounds in the pipeline, SOON seeks to bring as many people as possible into the non-fungible realm. It also showcases the project’s trust in the technology governing the NFT ecosystem.