Editor’s Note: GigLabs won the Cryptocurrency/NFT/Web3 category in the Atlanta Inno Fire Awards, a program highlighting the companies that showcase Atlanta’s growth into a national tech hub.
Founded in 2017, GigLabs enables NFT transactions by integrating its technology through its NFT Bridge platform.
The Atlanta Hawks announced in February that it was launching its first NFT collection with the help of this blockchain company. Sports fans could be a strong starting point for the NFT market since they have been fond of collectibles related to their favorite teams and players such as trading cards and ticket stubs from memorable games.
The company raised $4.5 million last October to help sports and entertainment brands launch NFTs. It’s raising another $8 million right now and plans to target the travel and credit card industries.
Atlanta Inno talked to CEO Douglas Dimola about the company’s growth.
How has your company navigated its operations during this current economic climate when investors are pulling back and some are making layoffs?
When the markets shifted, it forced us to step back and realign our overall strategy. It’s not a matter of slowing down, but rather identifying opportunities to create more value with the same available resources. We have ongoing conversations with investors, and we’ve seen those discussions shift significantly over the course of this year. Fundraising is always a challenge, and that’s become even more true today. We operate in an industry that sees a lot of hype. As a business, GigLabs has always resisted the urge to get swept up in that. Instead, we focus on building a solid product that lays a foundation for sustainable growth that can handle a bear market.
Based on your experience, what would be your best advice to up and coming or aspiring entrepreneurs?
The road ahead is not easy, especially starting out. You will more than likely end up somewhere you did not originally intend. The keys are to stay focused on continually creating value and taking care of yourself along the way. While GigLabs is just taking off in a new, emerging technology space, in reality we have been working on these ideas for five years, and we also know we still have a long road in front of us.
What are you doing to distinguish yourself from others in the same industry?
Our customers are really what sets us apart, and our experience working with large brands is unmatched. We’ve been fortunate to work with some of the world’s largest brands, like YouTube, Warner Media, Dapper Labs, the UFC, American Airlines, CNN and others. Working with these large brand partners over the years has given us a strong competitive advantage, as we gained valuable input to build and deliver the enterprise-grade features they expect. Brands we work with come to us not only needing a technology solution but also a partner that is going to help guide them through this new future of NFTs and web3. It’s all about identifying your goals as a brand and figuring out how NFTs can help achieve them.
What was the toughest decision you ever had to make in order to accelerate growth for your company?
The toughest decision by far was to rightsize the company. As part of our drive to optimize our efficiency and move forward as a business, we took a hard look at everything we were spending time on and how that fit to our laser focused go to market strategy. The result of this evaluation led to the elimination of a few roles which were no longer the most effective approach. It is never easy when you make these types of decisions, but ultimately the net result was the surge forward we needed.
What’s next for your company?
We have some major partnerships lined up, which should make for an exciting second half of 2022. In a time when every dollar spent in marketing must produce higher returns, the utilization of NFTs as a form of permission-based marketing will emerge as one of the top marketing investments. With this idea in mind, as far as platform features are concerned, a huge focus turns towards utility and membership. This means not just owning an NFT and being able to sell it, but to unlock different levels of access, perks, and customer engagement from the brands you love most.
This interview has been edited for clarity and conciseness.
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