NFT marketplace Rarible raises $14.2 million to build an open-source network protocol

The non-fungible token (NFT) platform Rarible has closed its Series A round with $14.2 million in funding. Forbes reports.

The round was led by American funds Venrock and CoinFund, with participation from the venture firm 01 Advisors.

The proceeds will be used to expand the team, develop a mobile app, and build an open-source network protocol. The protocol will help users create their own NFT projects.

Rarible Protocol is a product separate from the marketplace. With it, users can even create their own NFT platform.

According to the company, Rarible’s monthly audience reached 460,000 unique users. The marketplace noted a slowdown in NFT-market growth, but described it as a “natural cycle of development”.

“We expect the market to grow as more artists, musicians, brands and influencers realise the value of digital collectible objects and direct engagement with audiences on platforms like Rarible,” said Venrock partner David Pakman.

Earlier, co-founder Alexander Salnikov explained why digital art has become the leading segment in the NFT market.

In June, NFT sales fell by about twentyfold.

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