NFT leading player Rarible announced a successful fundraising round led by CoinFund. The $14.2M fund will help Rarible bring the NFT industry to mainstream users.
Other investors of the latest fundraising were Venrock Capital and 01 Advisors. Rarible can use the new money to expand services and promote its NFT marketplace to bring more mainstream digital artists to the NFT industry. It will surely help the overall NFT ecosystem and bring more capital to it.
Expanding the NFT Ecosystem
Rarible is one of the biggest NFT marketplaces in the tech world. The platform experienced considerable growth in the past year. The trading volume on Rarible went from $28,000 to $150M in just one year. It shows a 3000x growth. Although the platform has grown considerably and the NFT industry is somehow mature now. It needs more expansion and promotion to attract more mainstream digital artists. When more artists offer their products in NFT form, we can expect more mainstream users to get encouraged to invest in this industry. It’s the reason Rarible managed another fundraising round led by CoinFun, which resulted in a $14.2M raise.
The NFT industry now needs to cover more parts of the tech world. We can expect it to become a comprehensive solution for protecting the intellectual property of digital media. Rarible wants to have a part in this expansion. Smart money from investors that have been very active in the blockchain industry surely helps Rarible achieve its goal faster and more efficiently. Next to CoinFund, Venrock Capital and 01 Advisors have participated in the latest round.
The recent fundraising comes with a partnership for Rarible. The team believes that moving to the next stage needs active partners and practical integrations. According to the latest announcement:
“To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive 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 traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption.”
Rarible believes that the next stage in the NFT market only happens when all artists can use platforms very easily. It needs many tools and solutions that focus on user experience. As a result, the team plans to launch the Rarible NFT protocol, L2 solution for scalability and sustainability, credit card payments, adoption of Flow blockchain, and many more components to complete its offerings in the coming months.
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