Non-fungible token (NFT) startup Zora has raised $50 million to boost its NFT tooling protocol, the company announced Thursday.
The round was led by Haun Ventures with participation from Coinbase Ventures and Kindred Ventures, and it values Zora at $600 million, according to a press release. It’s the first use of capital from the recently spawned Web 3 venture firm led by Andreessen Horowitz (a16z) alum Katie Haun.
Zora’s NFT protocol is publicly available and focuses on providing accessible tools to create NFT collections and independent marketplaces for prospective artists and businesses.
“OpenSea is to Amazon as Zora is to Shopify,” the company said in a press release, referencing the industry-leading marketplace that nabbed a $13.3 billion valuation in January.
Zora also has its own decentralized autonomous organization (DAO) in the works, called Zora DAO.
Haun raised $1.5 billion from investors in March to deploy with two separate crypto funds, one for early stage crypto startups and the other as an accelerator.
“NFTs are a core building block that are central to the future of the web,” Sam Rosenblum, a partner at Haun Ventures, said in the statement. “We also see Web 3 innovations like NFTs as a positive force for openness and decentralization in a web currently weighted too heavily toward centralized, opaque gatekeepers.”
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