Rarible, a non-fungible token (NFT) marketplace, which earlier secured $1.75 million from 1kx, an early-stage fund, to expand its decentralized market venue and add a new governance structure has recently raised new funds to expand its digital platform and hire new people.
Rarible, which is built on Ethereum, is creating a new marketplace on the Flow blockchain, which is home to Dapper Labs’ smash-hit NBA Top Shot.
The $14.2 million Series A was headed by the Rockefeller family venture fund Venrock and blockchain investment firm CoinFund. 01 Advisors, a venture capital firm, also took part in the fundraising round.
Previously, Rapper Soulja Boy created his NFT, followed by Mark Cuban, owner of the Dallas Mavericks basketball franchise, who sold his NFT at auction for 30 ether.
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Rarible has sold approximately $150 million in digital collectibles, the majority of which occurred during the early stages of this year’s NFT fervor. In a statement, CEO and co-founder Alexei Falin stated, “Rarible is determined to pioneer the next wave.”
Rarible currently supports the ERC-1155 and ERC-721 token standards. Both are almost exclusively utilized in NFT markets, whereas the more widespread ERC-20 standard is used in Ethereum’s developing decentralized finance (DeFi) marketplaces.
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