Non-fungible token (NFT) marketplace Rarible raised $14.2 million in funding from Venrock Capital, CoinFund, and 01 Advisors. The platform, which launched in early 2020, revealed that it processed more than $150 million in transactions in the last 12 months. As with most marketplaces, to date, Rarible has focused on the Ethereum blockchain but will support Flow going forward.
Despite the attention and popularity that NFTs have gained in the last six months, it is still a very complex and expensive market to participate in. While Ethreum was booming, the resultant high transaction (gas) costs meant the minimum cost of minting an NFT was around $70. For many middle and low income individuals, the break-even price alone is simply not affordable. In addition, complex crypto wallets, unsustainable practices, and upfront fees scare more people away from participating in the industry and inhibit its expansion.
Rarible believes there is a potential to make the technology mainstream. NFTs are already moving in this direction with celebrities, sports, teams, and brands fueling the trend. momentum
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