After completing a successful funding round backed by billionaire Steve Cohen’s family office, NFT company Recur has seen its valuation rise to $333 million. The fund will be used to kickstart the company’s go-to-market plan.
According to a release, the Series A received $50 million, primarily through donations from the Cohen-backed investment platform Digital. Hashed, Gemini, CMT Digital, JST Capital, and Delphi Ventures are among Recur’s prior investors.
The money will be used to kickstart the company’s go-to-market plan, which involves recruiting over 150 people, creating new brand experiences, and establishing NFTU.com, a new NFT platform.
Recur funded $5 million in March, according to Cointelegraph, to address some of the most pressing issues in the NFT sector, such as how artists get compensated.
Recur also announced new relationships with artificial intelligence startup Veritone and CLC, one of the largest collegiate trademark licensing organizations in the country, in addition to the fundraising round.
The Pac-12 Networks, a collegiate sporting conference based in the western states, has chosen Veritone as its exclusive licensing partner. Veritone will license all Pac-12 NFTs developed through Recur.
NFTs have quickly grown into a multibillion-dollar industry, attracting new purchasers from industries with high levels of fan participation.
NFT sales surpassed $900 million in August, substantially surpassing the previous peak established in May of this year. Despite the fact that CryptoPunks has been the driving force behind the recent NFT frenzy, the sports and music sectors are expected to use the technology to increase fan involvement, especially in the wake of the COVID-19 outbreak.
According to recent reports, a big music event hosted by iHeartMedia plans to hand out free NFTs to concertgoers in Las Vegas on September 17 and 18.
