Non-fungible token (NFT) marketplace Rarible has revealed that the company has raised $14.2 million in a Series A funding round. Rare Details The funds will be leveraged to take NFTs mainstream and announced integration with a consumer-focused blockchain called Flow.
Rebible raises $14.2M in Series A funding round
On Wednesday, NFT marketplace Rarible, a protocol for creating, selling and collecting non-fungible, blockchain-based collectibles, revealed that the organization has raised more than $14 million. The Series A funding round was led by Venrock, Coinfund and 01 Advisors and the project also revealed that it will soon launch an NFT market on Blockchain Flow.
The brainchild of the creators of CryptoKitties, the Flow Project created the UFC, Dr. Sousse, Ubisoft, Samsung, Warner Music Group and the National Basketball Association (NBA) have seen well-known brands such as Mint NFT use their technology.
Since launching in 2020, the Rarible Marketplace has seen NFT sales increase by $150 million and Rarible’s trading volume has grown “3,000-fold”. In addition, well-known veterans have created NFT collectibles on the Rebel Marketplace, including visual neo-pop artist Richard Orlinsky, boxer Floyd ‘Money’ Mayweather Jr., actress Lindsay Lohan, billionaire Mark Cuban, hip hop star Tyga, American Celebrities like rappers are included. Bhad Bhabi, and multi-platinum Puerto Rican singer-songwriter Ozuna.
“Just as we have always been at the forefront of the NFT movement, Rarible is determined to lead the next wave,” said Alexei Falin, co-founder and CEO of Rarible’s Marketplace. “With this company milestone, we are grateful for the support of Venrock, 01 Advisors, and Coinfund and look forward to moving beyond the current enclosed crypto environment and moving NFTs into the mainstream consciousness.”
Coinfund Expects Big Growth in NFT Space, NFT Marketplace Competition Raises a Great Deal
Coinfund CEO Jake Brukhman believes that Rabbit will be ahead of the curve in terms of expanding the NFT sector. David Pakman, partner at Wenrock, expects “the major growth in the NFT space as more individual creators, musicians, brands, digital artists and influencers realize the value of digital collectibles and peer-to-peer transactions such as Rables.” become more popular.”
Rarible has a large number of competitors in the space who also offer NFT marketplaces. The competition includes NFT market operations such as SuperForm, HIC at Nunc, Makers Place, Nifty Gateway, Ethernity, Hoard, Enjin, Fansforever and OpenC. Data from Dune Analytics shows that Rarible has generated over $12 million and $54,963 in 30-day volumes over the past seven days. The average purchase price of Rarible for an NFT on the platform is approximately $704 per collectible.
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