Image Credits: Getty Images

Rarible raised $14M in financing round by Coinfund

Image Credits: Getty Images

The growing demand of NFTs is making NFT marketplaces like Rarible even more popular. Recently, the online marketplace of the nonfungible tokens raised $14 Million in a funding round led by the CoinFund. The fundraising was supported by the major venture capital firms which are into crypto investments. With the fundraising alert, the marketplace also announced that the fund raised will be used to build a new team in Rarible. A new online marketplace for the Flow Blockchain is also announced by Rarible.

The launching of the Flow Blockchain marketplace is very thoughtful, looking at the rising popularity of NFTs among users. With the Flow Blockchain marketplace, users will be able to monetize their NFTs or digital assets after listing them on the platform. Rarible is one of the most popular online marketplaces to sell, collect or create the NFTs and is completely secured with the blockchain. It enables the users to trade the digital assets and that too secured. To release the new non-fungible tokens, the NFT marketplace has joined hands with celebrity artists such as Ghostface, Xeo Chu, and Maxim. While announcing the launch of Flow, Co-Founder of Rarible stated that,

“Flow has a fantastic 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 consumers and brands via gasless minting, low-cost transactions, and scalability ”, said Alexander Salnikov.

CoinFund has been a constant support for Rarible and also made an investment in the online marketplace in September which remained undisclosed. Looking at the need to support the innovation in cryptocurrency, CoinFund partnered with Venrock in 2018.

Despite the major decline in NFT sales in the past few weeks, many crypto enthusiasts can see a future in digital assets. Rarible is an ambitious startup with the current goal to make the NFT ecosystem more feasible in the day-to-day life of every other web user. The funding raised by the online platform is likely to be used to develop more user-friendly transaction options. The idea is to make the NFT transactions as easy as credit card payments, unlike the present Ether Network.

Rarible also published a blog post sharing their idea of a world where it is feasible to create an NFT and sell it. To work on all these developments, the NFT platform has also partnered with Dapper Lab to make energy-efficient and cheap transactions possible with its recent coalitions.