Rarible announced establishing a marketplace on the Flow blockchain and claimed it would use the cash to hire new team members.
The newest $14.2 million fundraising round for Rarible, the online marketplace behind many nonfungible token listings, was spearheaded by major venture capital firms specializing in crypto investments.
Rarible announced on Wednesday that crypto investment firm Coinfund and Venrock, the Rockefeller family’s venture capital arm, had led a $14.2 million Series A financing round for the nonfungible token, or NFT, platform. The monies will be used to hire new team members, according to Rarible. 01 Advisors is another participant in the funding round.
“Flow has a fantastic 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 consumers and brands via gasless minting, low-cost transactions, and scalability,”said Rarible co-founder Alexander Salnikov.
Rarible also announced the establishment of an NFT marketplace on the Flow blockchain, where users will be able to mint NFTs while also listing them on Rarible. Maxim, Ghostface, Johnny Nunez, and Xeo Chu are among the artists and creators who collaborated with the platform to release NFTs.
During the initial coin offering boom in 2018, CoinFund joined Venrock to foster innovation in crypto and blockchain companies. In September, the New York-based crypto investment firm made an undisclosed investment in Rarible.
Rarible predicted a 50 percent increase in capitalization for the NFT sector at the time. In 2020, the NFT market was worth $338 million. However, according to Cointelegraph, NFT trade volume might reach $175 million by October 2021, with a $470 million market capitalization.