In September 2021, Futures Factory, a blockchain-based marketplace for digital sneakers founded the previous year and headquartered in France, announced it had raised $2.5 million from leading European investors including Seedcamp, Stride, Voodoo cofounders, Kima Ventures, and RTP Global. The funding reflected broader momentum in Europe’s growing creative economy, particularly the surge in startups bridging cryptocurrency and creator economics.
Futures Factory operates a marketplace where users collect virtual sneakers and use them across augmented reality platforms including video games. Users can also convert their virtual sneakers into physical footwear. The actual traded assets are non-fungible tokens (NFTs), which use blockchain technology to assign ownership of digital art. NFTs had exploded in popularity over the preceding year, with digital art collections like Crypto Punks and Pudgy Penguins selling for hundreds of thousands of dollars.
The European NFT Boom
The startup sector was accumulating rapidly. According to Dealroom, European NFT startups reached a combined valuation of 3.6 billion euros in 2021. Notable growth included French startup Sorare, which lets users collect and trade fantasy football cards linked to NFTs on a digital marketplace. In July 2021, Sorare secured a Series B funding round of $532 million, valuing the company at $3.8 billion.
Supporting Creators and Sustainability
Nicolas Romero, Futures Factory’s cofounder and former founder of digital sneaker brand Satoshi Studio, stated that investors were seeking ways to capitalize on the rising creator economy. The company aims to support both creators and customers by using NFTs and augmented reality technology to finance sneaker production, making the production wait time more engaging and forging new interactions between consumers and brands.
Romero emphasized that NFTs provide an effective way for creators to connect with audiences and monetize work. By reducing counterfeiting risks, NFTs grant creators more autonomy to produce original works appreciated by customers rather than relying on brand sponsorships, enabling higher profits per artwork. Futures Factory plans to allow owners to discuss directly with artists and provide tools for better audience connection.
Environmental concerns about NFT production remained significant, as most are produced or traded using Ethereum, which generates substantial emissions. Futures Factory committed to using sustainable blockchain technology and moving away from Ethereum. Romero stated the company had plans to become carbon neutral. Satoshi Studio works with Pur Projet, a company helping businesses offset carbon emissions through reforestation efforts. The company adopted a demand-driven pre-sales model to avoid wasted production.
Frequently asked questions
What does Futures Factory do?
Futures Factory operates a marketplace where users collect virtual sneakers and use them in augmented reality platforms and video games. Users can also convert their virtual sneakers into physical footwear by trading non-fungible tokens (NFTs) on a blockchain-based platform.
Who funded Futures Factory’s $2.5 million round?
Major European investors funded the round, including Seedcamp, Stride, Voodoo cofounders, Kima Ventures, and RTP Global.
How does Futures Factory address environmental concerns about NFTs?
The company committed to using sustainable blockchain technology instead of Ethereum, partnered with Pur Projet for carbon offset reforestation efforts, and adopted a demand-driven pre-sales model to avoid wasted production.