Mark Cuban-backed Alethea AI closes $16M private token sale

Nonfungible token protocol Alethea AI has closed a $16 million private token sale to build scalable infrastructure for the NFT market, highlighting once again the growing demand for digital collectibles. Billionaire investor Mark Cuban was among the backers of the Alethea AI token sale, which was co-led by Metapurse and Crypto.com Capital. Some of blockchain’s biggest venture funds participated in the sale, including Alameda Research, Multicoin, Galaxy Interactive, Dapper Labs, LD Capital, Gemini Frontier Fund, Borderless Capital and others. Individual investors included CoinShares’ Meltem Demirors and Haseeb Qureshi of Dragonfly Capital. The funding will go towards building “scalable AI infrastructure for NFTs” that will give digital collectibles more dynamic characteristics, Alethea AI said. The company has been working closely with Open AI to develop its underlying technology. Once complete, Alethea’s protocol will enable NFTs to become “interactive media assets, with personality traits, preferences and real-time interactive capability.”