Rarible announced a new round of pre-seed funding by CoinFund. It will use the new investment to make a blockchain-based NFT marketplace. The digital art-focused NFT platform claims that the new market will be community-governed. It creates a direct connection between artists or digital content creators and buyers.
NFT is one of the famous use cases of blockchain technology that enables many applications regarding tokenization. Rarible launched earlier this year with a focus on tokenizing digital content. NFT tokens are used to manage the licenses of digital content. Using blockchain as the underlying technology guarantees the security and verifiability of tokens.
Some experts believe the market capitalization for the NFT industry will grow by 50% this year and reach $315 million. The new investment in Rarible by New York-Based CoinFund surely helps them grow faster in this progressing market.
Rarible focuses on expanding its market and attracting more users by leveraging the new money from CoinFund.
“As we share common goals and values, we believe our joint efforts and expertise will facilitate Rarible’s way towards wider adoption and decentralization and will make an impact to the development of the NFT space,” said Alex Salnikov, co-founder at Rarible.
The current focus of Rarible’s development team is on the process of implementing full community-governed infrastructure. They issued a governance token named $RARI. Those who are more active in the marketplace will get a $RARI reward that permits them to vote for new features, economics, and smart contracts in the market.
Founded in 2015, CoinFund focuses on investing in blockchain-based projects.
“At CoinFund, we’re excited to support the Rarible team’s highly cryptonative approach as the asset class of NFTs continues to develop,” Jake Brukhman from CoinFund wrote in a post, “Over time, we think the core value propositions of crypto networks implemented by Rarible will make it highly competitive with other digital marketplaces and Rarible will be a premiere venue for NFT liquidity.”
The tokens inside Rarible’s NFT marketplace cover multiple applications. Digital art tokens, in-game assets, metaverses lands, and DeFi insurances are some of these use-cases.
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