Unlike most companies creating NFTs, round21 aims to connect the virtual and real worlds. The company produces digital artwork and sports equipment that serve as a platform for professional athletes to promote their messages. Founder Jasmine Maietta appeared on Season 13 of Shark Tank and has a deal with Kevin O’Leary. As of 2024, round21 has a market cap of $2 million.
Jasmine Maietta’s Background
Jasmine Maietta is from Washington, D.C., and holds a BA in Anthropology from Bowdoin College. She also holds a MA in Economics from Trinity College in Hartford.
Maietta played professional basketball for one year at Club Baloncesto de Tres Cantos. After retiring, she became the head coach at Trinity Academy and Lake Hill Prep. After five years, she began to prefer office work.
Maietta was hired as general manager of CATZ sports magazine. She then became brand marketing manager at Reebok and was later recruited to work on brand marketing teams at companies such as Hasbro, Under Armour and Peloton Interactive.
Founding Round 21
Although her career as a professional athlete is long over, Maietta’s love for sports never faded. Still an athlete at heart, Jasmine eventually stumbled upon the future potential of NFTs.
She realized that these unique digital artworks could create a special business model. Jasmine wanted to start a company that took advantage of the community of NFTS. When someone buys one of their NFTs, they become a member of the community and gain access to events, early product releases, and more.
Jasmine launched its 21st round of funding in 2020, raising $1.39 million after entering into a simple future equity agreement. Within two years, the company is expected to achieve revenues of approximately $510,000.
Shark Tank Appearance
Although Jasmine Maietta’s company was profitable, it wasn’t profitable. In fact, the company was burning through about $10,000 in cash per month. The founder needed help and appeared on Shark Tank Season 13, seeking $250,000 for a 3% stake. That’s a ridiculous valuation!
Fortunately, the aspiring entrepreneur didn’t have too much trouble explaining the basics of NFTs to the sharks. However, it took them some time to fully understand her complex business model.
Kevin O’Leary was the only Shark who didn’t quit. He liked the startup and was a big believer in crypto, but didn’t like its valuation. O’Leary offered $250,000 but wanted 15% of the shares. After some negotiation, they came to an agreement for $250,000, 10% equity, and a 1.5% royalty on each NFT sold.
After Shark Tank
Jasmine’s appearance on Shark Tank brought a huge boost to her company. After the show, round21 formed partnerships with well-known sports companies such as Fanatics, Dick’s Sporting Goods and NBALAB.
In terms of blockchain business, they have partnered with Bored Ape Yacht Club and Coinbase. round21 NFTs are listed on multiple platforms, but the most popular are RareRooms and OpenSea. They now sell physical products such as footballs and basketball hoops, most of which have 5-star reviews.
The massive sell-off in the cryptocurrency market hit the company hard, with NFT trading volumes dropping significantly compared to 2021. Fortunately, the cryptocurrency market has rebounded, so the future looks bright for round21. They have around 7,900 followers on Instagram, but engagement is low. Round21 is currently valued at $2 million.
Categories: Shark Tank
Source: svlsf.edu.vn