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 token fund 1kx to broaden its decentralized market venue including a new governance structure, according to co-founder Alex Salnikov and co-founder Alexei Falin in a phone interview Tuesday.
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 NFT’s on Rari, 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. OpenSeas, the premiere platform for buying and selling tokenized collectibles, posted some $1.9 million in sales volume Feburay 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.”
Rari has recently garnered celebrity attention. Rapper Soulja Boy created his own NFT in his likeness followed by Dallas Mavericks owner Mark Cuban who sold his NFT at auction for 30 ether (ETH) worth some $15,000.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.