NFT Marketplace Rarible Raises $14.2 to Expand Flow Blockchain

NFT marketplace Rarible has closed a $14.2 million Series A investment led by venture capital firms Venrock and CoinFund. Founded in early 2020, Rarible has become a popular marketplace for hosting, buying and selling NFTs. Since its launch, the platform has sold over $150 million in digital collectibles. NFTs, or immutable tokens, are blockchain-based crypto tokens that show proof of ownership of a digital or physical asset. The NFT market was fueled by the bull run of the broader crypto market in early 2021. NFT revenue in the first quarter of 2021 generated more than $1.5 billion, according to data from market analysis firm DappRadar. According to company data, the NFT craze increased Rarible's trading volume by 3,000 times last year. Rarible will use the funding to recruit new team members and expand its business to Flow, a custom-built blockchain for NFTs that currently powers CryptoKitties and NBA Top Shot. Alexander Salnikov, chief product officer and co-founder of Rarible, said the company is monitoring Flow because the "gasless coin" helps lower the barrier to entry for more people and brands. Currently, Rarible is built on Ethereum, a blockchain that relies on proof of work and charges gas fees for transactions on networks. These costs increase as demand for the Ethereum network increases. Salnikov said that Rarible's goal is to evolve into a fully decentralized autonomous organization (DAO), which is a rising trend among crypto firms looking to decentralize control over a project's operations. The Rarible DAO allows creators and collectors to propose the future of Rarible and vote on platform upgrades. In July 2020, Rarible launched Rari, a governance token that was originally used to reward creators and collectors and can only be earned through active participation on the platform, a process called "market liquidity mining" by Rarible. RARI is now available on most Des

Join the Discussion

  • BrokerEUR/USD
    InterTrader 0.6pips (fixed) margin: 3.33%
    CMC Markets 0.7pips. (variable) margin: 3.33%
  • Back to top