Rarible Raises $14.2M in Series A Funding for New NFT Marketplace

From a trading volume of $28K in June last year, Rarible has seen mammoth growth of over 3000 times to reach $150M total sales.

Non-fungible token (NFT) site Rarible is set to launch a marketplace on the Flow blockchain network. With a successful funding round that brought in $14 2M, “Rarible is determined to pioneer the next wave,” CEO Alexei Falin said in a statement according to CoinDesk.

The Ethereum-based site that focuses on the creation and trading of NFTs, will use this capital injection to expand its team and further develop its digital platform. It is also set to launch another marketplace. The new marketplace will run on the Flow blockchain, the network that houses Dapper Labs’ NBA Top Shot.

In a Medium post, Rarible commented on its collaboration with Flow:

“To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences. As a blockchain, Flow enables easier access and lowers the entry barrier for traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption […] In the coming couple of months, we will be bringing Rarible on Flow as a primary and secondary marketplace, also welcoming the robust ecosystem of projects built on Flow blockchain.”

The Series A funding round was led by New York-based blockchain venture firm CoinFund and the Rockefeller family’s venture capital firm Venrock with support from venture firm 01 Advisors.

From a trading volume of $28K in June last year, Rarible has seen mammoth growth of over 3000 times to reach $150M total sales. This has largely been due to the NFT craze that begun to gain momentum at the start of this year. In February, the firm raised $1.75M in a seed round that was led by crypto fund 1kx with support from ParaFi Capital, Coinbase Ventures, Bollinger Investment Group, MetaCartel Ventures and early investor CoinFund. Funds from this round went towards expanding Rarible’s marketplace to incorporate a new governance structure.

The Medium post also went on to reveal that Rarible has “a lot” coming in future months, including the launch of its NFT protocol, an L2 solution, credit card payments and drops. One such project, already underway, is its very first partnership with NFT creator S!NG and will enable users to mint and sell their NFTs at no cost.

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Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.

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