Rarible announces expansion of Flow blockchain after $14.2 million Series A funding round
" Rarible" completed A Round of funding
" NON-homogeneous token (NFT) minting and auction platform Rarible is second only to OpenSea in the Ethereum ecosystem, The second largest NFT auction platform by users.
announced this week that it closed A $14.2 million Series A funding round with participation from Venrock Capital, CoinFund and 01 Advisors. Rarible said the platform has been an initial success since its launch, with total sales reaching $150 million over the past 18 months. In addition to hiring new team members,plans to use the $14.2 million infusion to expand its business into blockchain Flow, which is built specifically for NFT, the platform said. Rarible is currently built on Ethereum, a blockchain that relies on proof of work, and as demand for the Ethereum network grows, so does the cost of on-chain transactions. To provide a friendlier environment for NFT transactions, Alexander Salnikov, co-founder of Rarible, said the company is closely watching Flow as its low on-chain transaction and coin-coinage costs help lower barriers to entry for users and creators. In fact, in February this year, OpenSea, the no. 1 NFT exchange market in Ethereum, also announced that it would integrate into the Flow blockchain, but so far there has been no further announcement.