coincodex.com
NFT marketplace Rarible raises $14.2 million, RARI token spikes hard
- Rarible has raised $14.2 million in a Series A funded by investment firms Venrock, 01 Advisors and CoinFund. Rarible is an Ethereum-based marketplace that allows users to mint, buy and sell non-fungible tokens (NFTs).
- Rarible launched in early 2020, and it took some time for the platform to get off the ground. The project noted that in the 6 months after its launch, Rarible only managed to accumulate $28,000 in total trading. However, the platform benefited from the rapid growth of the NFT sector, and has now accumulated more than $150 million worth of trading volume.
- Alongside the Series A investment, Rarible also announced that they will be integrating support for the Flow blockchain. Flow is a Proof-of-Stake blockchain platform that has been designed to support digital collectibles and entertainment use cases. Flow was developed by Dapper Labs, a team that also created the pioneering NFT-powered app CryptoKitties. Per the Rarible team, the integration with Flow is part of their efforts to take NFTs further into the mainstream.
- The Rarible team also says that it will also be working on an NFT protocol, as well as a layer 2 solution to improve scalability.
- Despite the funding, Rarible says that they are still planning to transition the platform towards a community-owned DAO. Rarible features its own governance token called RARI, which was launched in July last year. The market seems to have responded extremely well to Rarible’s Series A, as the price of the token is up a whopping 86.7% in the last 24 hours.
- Thanks to the popularity of NFTs, even companies from other sectors of the cryptocurrency sector are getting into the business. For example, popular exchanges Binance and FTX have recently introduced their own NFT marketplace offerings. While FTX’s NFT marketplace is already live, Binance’s NFT platform is set to launch on June 24.