...and launching an additional marketplace on the FLOW blockchain.
We are thrilled to announce Round A lead by @Venrock and @coinfund_io with participation of @01Advisors. To mark the milestone, we have also entered an official partnership with @flow_blockchain. Next stop: taking NFTs mainstream!https://t.co/64XBUCiqNo— Rarible (@rariblecom) June 23, 2021
Over the past year the Rarible platform has grown in popularity at a rapid pace. A still somewhat young digital marketplace to mint, buy, and sell NFTs, only launched in 2020, yet they’ve already facilitated over $150 million in sales of digital collectibles! The recent Series A round of funding led by venture capital funds Venrock and CoinFund, paired with Rarible management’s long-stated goals, speak to just how bright Rarible’s future looks to be. The funding will be put towards new team hires focussed on continual development of its existing marketplace, as well as a massive shift to expand its operations onto FLOW, The ‘gasless’ blockchain specifically built for NFTs. It’s probably worth noting that FLOW is already host of two of the most popular NFT projects around, CryptoKitties and NBA Top Shot...
“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. As we enter the next stage, pursuing to further pioneer the mass adoption of NFTs, we see Flow as a perfect partner for this journey.”
-Alexander Salnikov, Rarible co-founder
Great bounce on the news. One of the top-performing coins on the day of the announcement in fact.
In a nice kickoff to the relationship, the Rarible governance token price spiked significantly on news of the Dapper Labs – FLOW Blockchain partnership. We’ve covered the RARI token and their DAO’s aspirations in previous issues, now even greater efforts are being made to more fully decentralize the Rarible protocol, creating a community which is effectively completely governed by itself.
With a fresh $14 million in funding, @rariblecom is determined to pioneer the next wave in bringing NFTs mainstream— Flow Blockchain (@flow_blockchain) June 23, 2021
We are excited to welcome an NFT powerhouse like Rarible; welcome to Flow! 🌊#BuildOnFlow https://t.co/8gDAE7Tf4m pic.twitter.com/1jmIGJAv7H
There are well more than 100 million crypto wallets in the world. According to the Gemini 2021 State of Crypto report, there are about 21 million US adults who own crypto. The first major wave of crypto, the creation and purchase of cryptotoken assets, has created about $1.5 trillion of value for these >100 million people. In the second wave of crypto, those cryptoasset holders have “locked” more than $60 billion of those assets into DeFi (decentralized finance) contracts to borrow against them or gain yield, etc.
NFTs are the third wave of crypto, and thus far, more than $1 billion has been spent by more than one million people. Dapper Labs’ NBA TopShot has more than 1.2 million users, of which at least 500,000 have spent more than $600 million on the leading NFT collectibles.
Rarible and Dapper Labs are both major contributors to the NFT space and their continued efforts to make the NFT user experience evermore seamless appear very well aligned. This could prove to be a marked turning point for both of these projects individually, not to mention the NFT sector as a whole. The future looks incredibly bright for the NFT industry, with inevitable mass adoption still only just beginning to take place, more and more major participants of this revolution appear to be digging in!