The non-fungible token (NFT) marketplace Rarible has revealed the company has raised $14.2 million in a Series A funding round. Rarible explains how the funds will be leveraged in order to bring NFTs into mainstream, and announces integration with the consumer-centric Blockchain called Flow.

Rarible Raises $14.2M in Series A Funding Round

On Wednesday, the NFT marketplace Rarible, a protocol for creating, selling, and collecting non-fungible, blockchain-based collectibles, revealed the organization raised more than $14 million. The Series A funding round was led by Venrock, Coinfund, and 01 Advisors and the project also revealed it will soon be launching an NFT market on the blockchain Flow.

Brainchild by the creators Cryptokitties, the Flow Project has seen well-known brands such as the UFC and Dr. Suess create NFTs with its tech.

Since its launch in 2020, the Rarible marketplace has seen $150 million worth of NFT sales and Rarible’s trading volume has grown “3,000-fold.” Moreover, well-known luminaries have created NFT collectibles on the Rarible marketplace including celebrities like visual neo-pop artist Richard Orlinski, the boxer Floyd ‘Money’ Mayweather Jr., actress Lindsay Lohan, billionaire Mark Cuban, hip hop star Tyga, American rapper Bhad Bhabie, and multi-platinum Puerto Rican singer-songwriter Ozuna.

” Just as we have been at the forefront in the NFT movement for years, Rarible is determined and driven to lead the next wave,” Alexei Falin, cofounder of Rarible’s Marketplace and CEO of Rarible said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.”

Coinfund Expects Significant Growth in NFT Space, NFT Marketplace Competition has Increased a Great Deal

Jake Brukhman is the CEO of Coinfund and believes that Rarible will continue to be ahead of the curve when it comes to the NFT sector’s expansion. Venrock partner David Pakman expects “major growth” in the NFT sector as more creators, musicians and brands realize the value and peer-to–peer transactions on platforms like Rarible become more .”

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Rarible is not the only company offering NFT marketplaces. NFT market operators like Superfarm and Hic et Nunc as well as Makers Place, Nifty Gateways, Ethernity and Hoard, Enjin, Fansforever and Opensea are all competing. Data from Dune Analytics shows that Rarible has seen over $12 million in 30-day volume and $54,963 over the last seven days. Rarible’s average purchase price for an NFT on the platform is roughly $704 per collectible.

What do you think about the Rarible marketplace raising over $14 million? Please comment below to let us know your thoughts on this topic.

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