Non-fungible token (NFT) marketplace Rarible is building a “Uniswap for NFTs” and has fresh dough to get it done.
The token startup has raised $1.75 million from early-stage fund 1kx to broaden its decentralized market venue to include a new governance structure, co-founders Alex Salnikov and Alexei Falin told CoinDesk in a phone interview.
Rarible’s round was joined by Coinbase Ventures, ParaFi Capital and CoinFund, among others.
The new funds will be allocated for building out a decentralized autonomous organization (DAO) structure for the buying and selling of NFTs on Rarible, the startup said in a press release. Funds will also be used for researching decentralized solutions for buying and selling NFTs.
“There’s no place to do that in a decentralized way. We are trying to build a decentralized approach, a Uniswap for NFTs,” Falin said.
Rarible currently supports two token standards, the ERC-1155 and ERC-721. Both are used almost exclusively in NFT markets while Ethereum’s burgeoning decentralized finance (DeFi) markets use the more common ERC-20 standard.
Salnikov said the startup is also building out a “multi-chain strategy” and will “support several of them” in the near future.
The addition comes during a hot time for NFT markets. OpenSea, the premier platform for buying and selling tokenized collectibles, posted some $1.9 million in sales volume on Feb. 1.
“NFTs are entering a phase of interesting experimentation beyond their basic use cases, becoming a platform for permissionless innovation and unlocking killer uses that we cannot even imagine yet,” 1kx co-founder Lasse Clausen said in a statement. “Rarible is one of the best-positioned platforms in the ecosystem to promote and accelerate the open experimentation of NFTs.”
"What we're seeing in 2021 is early product-market fit with artists, creators, and collectors of digital non-fungible assets," CoinFund founder Jake Brukhman said in a statement. "We are extremely excited to support Rarible from the pre-seed round to the present round in building a platform for this new asset class for the modern digital world."
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