The world is slowly getting hooked on digital art and tokens that investors are pouring money into SuperRare, a marketplace for non-fungible tokens that has recently raised $9 million in a Series A fundraising.
Unlike traditional art, there’s no easy way to display NFT art as you will need your digital wallet to view your art collection on a computer.
But it seems there is no stopping the NFT ecosystem that startups like SuperRare are getting lots of cash to continue capturing that momentum.
Three years since it was founded, SuperRare, an NFT art platform that has garnered tens of millions in new sales in recent weeks, has just raised millions from investors led by Velvet Sea Ventures and 1confirmation.
Other investors participating in the Series A round include Collaborative Fund, Shrug Capital, Third Kind, SamsungNext, Ashton Kutcher and Guy Oseary’s Sound Ventures, Mark Cuban, Marc Benioff, Naval Ravikant, and Chamath Palihapitiya.
SuperRare was founded in late 2017 by three friends working out of a coffee shop in Brooklyn with the dream of building a new art market designed for the digital age.
The idea was simple but powerful: Use NFTs as a way to authenticate and certify digital art. In six short months, the idea was turned into a reality and SuperRare launched on the Ethereum mainnet on April 4th, 2018.
Velvet Sea Ventures, led by Michael Lazerow, is a pioneer in backing emerging tech, ranging from social platforms to crypto.
“In just three years, the crypto art market has already grown to be a global phenomenon over $400M in size. The recent investment will allow SuperRare to accelerate growth, serving significantly more artists and collectors as digital collecting nears more mainstream adoption,” the company said in a statement.
SuperRare’s growth and acceleration in the next few years include several key components. The first is expanding the core features of SuperRare into more scalable, social elements like chat and personalized feeds. The second is continuing to push the envelope when it comes to market mechanics, and auction functionality, as well as extending supported artwork formats further into VR and programmable media. The third is pushing the long-term sustainability of the artworks & ownership by implementing layer-2 scaling solutions — towards multi-century artwork provenance.
Coming on the heels of massive growth in the crypto art sector, the company said they couldn’t be more excited to partner with the stellar investors in the latest Series A.
“Art collecting has long been an opaque and exclusive market, inaccessible to most people. For the first time, we have the opportunity to digitize this ancient and inherently human activity, bringing it online for the first time at scale,” the company statement added.