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Rarible Series A: On to the next set of innovations

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Rarible.com is an open, community owned NFT marketplace based on the $RARI token which transparently runs on NFT exchange rails, the Rarible Protocol.

Rarible’s marketplace and NFT exchange protocol continue to stay ahead of the trend

Jake Brukhman

by Jake Brukhman

Earlier this week, Rarible announced an incredible $14.2 million Series A funding round, led by Venrock and CoinFund. This represents impressive progress for the NFT marketplace in just one and a half years: as the project grew across its preseed, seed, and Series A rounds, Rarible’s cumulative trading volume has increased from $28,000 in June 2020 to $150 million in total sales by June 2021. Since becoming Rarible’s first institutional backer in the spring of 2020, CoinFund has worked closely with the project to launch the first community-owned and governed NFT marketplace, built on the $RARI token. $RARI remains today the go-to asset for broad NFT market exposure, while empowering the platform’s marketplace participants.

To date, the Rarible team has built the top user experience for general NFT marketplace participants. Through its new investor set and partnership with Dapper Labs’ Flow blockchain, this funding round brings the Rarible team to the next stage of growth as an organization and the next stage of integration as a protocol.

In a market where NFTs, not cryptocurrencies or DeFi, have achieved early mainstream adoption, most projects still suffer a lack of NFT infrastructure. More often than not, entrants into the market must build out the entire NFT stack including issuance contracts, a system for exchanging and auctioning NFTs, functionalities for accounting of royalties, and tools for curation and distribution for creators and consumers. Yet, it’s clear that this NFT infrastructure will, in short order, experience commodification. Just like the landscape in fungible exchange protocols, where currently over 95% of volume is owned by the top seven DEX technologies, issuance and exchange for NFTs will inevitably move into a small number of performant protocols.

Entrepreneurs want to build experiences for their customers and develop their go-to-market strategies, not spend time honing infrastructure. In the future, multifarious “NFT marketplaces” will have vastly different audiences that will include sports fans, famous artists, musicians, gamers, and K-pop fans. These decentralized marketplaces might serve even more esoteric assets like fonts, stock photos, and 3D models. Under the hood, however, they will all work on top of a permissionless and commonly governed protocol infrastructure for NFT issuance, exchange, and distribution. NFT founders will no longer spend precious time building out NFT backends, they’ll instead do what they do best: go after their mainstream target users.

Rarible Protocol, which transparently underlies the Rarible marketplace today, is poised to be a major infrastructure for NFT issuance and exchange. It will vastly simplify the go-to-market process for any new NFT issuer or application that needs to issue NFTs and split their royalty streams. It will also consolidate NFT liquidity in an open and permissionless way. Participants in Rarible will be collective owners of the protocol through the $RARI token as well as becoming active participants in the decentralized governance process. Starting with today’s Flow integration, Rarible will benefit from serving the network with the greatest degree of adoption by mainstream users. The protocol will also be integrated with other networks over time.

Rarible’s mainstream user-facing marketplace, which serves significant industry volume today, is critical to the adoption of Rarible Protocol. CoinFund is excited to have partnered with the team on another successful round, and we look forward to continued growth of the NFT space in the coming quarters.

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Source: https://blog.coinfund.io/rarible-series-a-on-to-the-next-set-of-innovations-195d25190a78?source=rss——-8—————–cryptocurrency

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