MARKETAPPLICATION

Rarible completes $14.2 million Series A funding, announces expansion to Flow blockchain tailored for NFTs.

share
Rarible completes $14.2 million Series A funding, announces expansion to Flow blockchain tailored for NFTs.

After receiving a $14.2 million investment from several well-known venture capital firms, Rarible plans to use the funds not only to hire new team members but also to expand its operations to the Flow blockchain, specifically designed for NFTs.

Rarible Completes Series A Funding

The non-fungible token (NFT) minting and auction platform Rarible, the second-largest NFT auction platform in the Ethereum ecosystem after OpenSea in terms of user base.

The platform announced this week that it has completed a $14.2 million Series A funding round with participation from Venrock Capital, CoinFund, and 01 Advisors. Rarible stated that it has achieved initial success since its launch, with total sales reaching $150 million from the past 18 months to date.

Following the $14.2 million investment, the company plans to use the funds not only to hire new team members but also to expand its operations to the Flow blockchain, specifically built for NFTs. Currently built on Ethereum, a proof-of-work blockchain, Rarible aims to move to Flow due to the increasing costs of on-chain transactions on the Ethereum network as demand grows.

To provide a more user-friendly NFT trading environment, Rarible's co-founder Alexander Salnikov mentioned that the company is closely watching Flow for its lower on-chain transaction and minting costs, which would help reduce barriers to entry for users and creators.

In fact, in February of this year, OpenSea, the leading NFT marketplace on Ethereum, also announced integration with the Flow blockchain, but no further updates have been released thus far.