Coinfund invests in digital art-focused NFT platform, Rarible
New York-based blockchain investment firm Coinfund has invested an undisclosed amount in Rarible, a platform to trade liquid intellectual properties and any digital content with licensing via Non Fungible Tokens (NFT). Coinfund’s funding is supposed to help Rarible develop a community-governed, blockchain-based NFT marketplace that would enable it to create a direct relationship between digital content creators and buyers.
Founder and CEO, Jake Brukhman said that they were excited to support Rarible’s “highly cryptonative” approach as he believed that the asset class of NFTs were developing. He said in tweet:
He further said that the value propositions of crypto networks implemented by Rarible will make it highly competitive with other digital marketplaces and Rarible will be a premiere venue for NFT liquidity. Brukhman said in a blog:
Today digital art collectibles and in-game assets are the most visible use cases for these nifty non-fungibles. But there is a staggering diversity of online digital content that can be placed on a blockchain in the form of NFTs. Moreover, the tokens which are based on blockchain technology, allow the platform to automatically record and maintain all copyrights and ownership details.
The NFT industry has a growing market cap which according to Rarible is said to increase as much as 50% this year and reach $315 million. So far, Rarible’s assets currently include in-game assets, metaverses lands, and DeFi insurances, and its native token RARI.
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