NFT and digital art social platform HUG announced the completion of a US$5 million seed round of financing, led by Web3 investment fund DIGITAL, with participation from L'Oréal's BOLD Corporate Venture Fund, Venrex, Jae Holdings, Cryptology and others.

HUG was launched in February 2022 by Randi Zuckerberg, the sister of Facebook founder Mark Zuckerberg. The platform helps artists sell digital and physical goods and connect with digital collectors. The new funds will be used to accelerate HUG product growth and integrate the platform's commercial functions with existing social management and discovery tools. (Benzinga)