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A new NFT-focused company reached $333 million in estimated value after a funding round led by billionaire Steve Cohen. The firm is developing a new sports NFT market.
As non-fungible tokens (NFT) explode in popularity, companies focused on digital collectibles and the infrastructure around them become more plentiful. Recently, a new NFT-centric company, RECUR, reached a valuation of $333 million after its latest funding round.
An investment platform backed by the office of billionaire hedge fund manager Steve Cohen led the Series A round that raised $50 million. Digital, a metaverse investment platform, led the round.
According to the non-fungible token-focused company, the funds will go towards licensing rights, new partnerships, and hiring. The company’s founders are Zach Bruch and Trevor George. According to an email from the founders, the infrastructure of the company aims for mass usage. “Our engineers built the infrastructure to power millions of micro-transactions between fiat currencies and cryptocurrencies.”
In a previous round of funding, RECUR raised $5 million from investors such as Joseph Lubin, co-founder of Ethereum, Gemini, and the Defi Alliance. In addition, Cohen will be on RECUR’s board of directors.
Sports and NFT industry collide
Along with the company’s expansion, RECUR also has other big plans in the NFT space. In conjunction with artificial intelligence company Veritone Inc and collegiate trademark licensing company CLC, the firm is developing a new NFT marketplace aimed at collegiate sports.
Veritone is the exclusive content licensing partner for Pac-12 Networks, therefore will license approved Pac-12 highlights as NFTs to be released on RECUR’s new NFTU marketplace. The new marketplace allows collegiate sports fans enthusiasts new collector possibilities. These highlights will be available first from Pac-12 teams.
This is the latest development in the crosshairs of the sports world and NFTs.
Recently the Sorare fantasy football platform partnered with the LaLiga football league. Through the platform, NFTs become collectibles and a game within the fantasy football game. In addition, another platform targeted NCAA athletes. OpenLocker NFT allows the commoditization of athletes’ names, images, and likeness via NFTs.
Last week the NFT banned NFTs and cryptocurrency sponsorship for teams in the league. While this seems like a step backward, it didn’t entirely ban crypto. Jacksonville Jaguar QB Trevor Lawrence has even asked for his entire signing bonus in bitcoin.