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Colexion expects its userbase to reach one million by the end of FY23; aims to clock turnover of $30 million

The marketplace claims to have a current userbase of 10,000, and recorded a net revenue of $500,000 in FY22

Our funding rounds saw participation from companies such as Brevan Howard, Polygon Studios, Jump Capital, GSR Ventures, Abhay Aggarwal, founder and CEO, Colexion, said
Our funding rounds saw participation from companies such as Brevan Howard, Polygon Studios, Jump Capital, GSR Ventures, Abhay Aggarwal, founder and CEO, Colexion, said

Blockchain based non-fungible token (NFT) marketplace Colexion aims to clock a turnover of $30 million in FY23, Abhay Aggarwal, founder and CEO, Colexion, told FE Digital Currency, he however declined to comment on the exact financials of the company. The marketplace claims to have a current userbase of 10,000. “We expect the strength of our userbase to reach around a million by the end of this financial year,” Aggarwal said. In FY22, the marketplace claimed to have posted a net revenue of $500,000. 

The marketplace claims to have raised more than $five million from external investors including Brevan Howard, Polygon Studios, Jump Capital, GSR Ventures, among others. Currently, the marketplace’s main revenue model constitutes of earnings from the sale of NFT. “We will launch various NFT based play-to-win games. Users don’t need to pay a fee to avail the services of our platform. If somebody wants to play and earn big rewards then they have to pay a fee starting from one dollar which can range to any amount, depending on the kind of reward they want to play for,” Aggarwal stated. The marketplace aims to build-up the utility surrounding NFT usage by adding the feature of fan-engagement programs. As per the marketplace, last fiscal it sold 30,000 NFTs.

Moreover, the marketplace claims that it has three offices in undisclosed locations, and currently has more than 100 staffers. “The marketplace has entered into business oriented partnerships with more than 30 companies across the globe. These companies are associated with the areas of NFT trading and other gaming platforms,” Aggarwal said. The marketplace claims to spend around 70% of its net revenue for marketing.

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