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 (NFT), platform.
The latest $14.2 million fundraising round for Rarible, the internet marketplace behind many nonfungible token listings, was spearheaded by major crypto venture capital firms.
The monies will be used to hire new team members, according to Rarible. 01 Advisors is another participant in the funding round.
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 that have collaborated with the platform to release NFTs.
The co-founder of Rarible Alexander Salnikov said, “Flow has a tremendous track record of making NFTs mainstream by providing native experiences for non-crypto audiences.”
“Through gasless minting, low-cost transactions, and scalability, Flow as a blockchain offers quicker access and lowers the entry barrier for consumers and brands.”
During the initial coin offering boom in 2018, CoinFund joined with 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 per cent 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.