Rarible, a digital art-focused NFT platform, has raised an undisclosed amount in a pre-seed round that was closed by leading New York-based blockchain investment firm CoinFund. The investment will help Rarible develop a community-governed, blockchain-based NFT marketplace that enables a direct relationship between digital content creators and buyers.
Rarible marketplace offers users to trade liquid intellectual properties and any digital content with licensing via NFT tokens. Since the tokens are based on blockchain technology, all copyrights and ownership details get automatically recorded and securely maintained. In the nascent NFT industry, whose market capitalization is expected to grow by as much as 50% this year and reach $315 million, this injection is a pioneering move that could pave the way for other investment firms and projects.
In a statement made by Jake Brukhman, Founder and Managing Partner at Coin Fund, he states, “At CoinFund, we’re excited to support the Rarible team’s highly cryptonative approach as the asset class of NFTs continues to develop. Over time, we think the core value propositions of crypto networks implemented by Rarible will make it highly competitive with other digital marketplaces and Rarible will be a premiere venue for NFT liquidity.”“
” We are thrilled to have CoinFund become a strategic investor in Rarible” stated Alexei Falin, Co-founder of Rarible. He adds, “As we share common goals and values, we believe our joint efforts and expertise will facilitate Rarible’s way towards wider adoption and decentralisation, and will make an impact to the development of the NFT space”
Currently, Rarible team is in the process of implementing full community governance. The recently released $RARI governance token, which is awarded to active marketplace users, allowing them to vote on the project’s core features, economics, and smart contracts updates. Eventually, the market will be fully controlled by the Rarible community.