Non-fungible token (NFT) marketplace SuperRare has raised $9 million in a Series A funding round, the team behind the platform announced Tuesday.
According to the March 30 announcement, the round was led by multi-stage venture capital firm Velvet Sea Ventures and crypto fund 1confirmation, with investments from Version1, Collaborative Fund, Shrug Capital, Mark Cuban, Sound Ventures, and more.
SuperRare launched on the Ethereum mainnet in April 2018, and the platform's community has grown significantly since then. To date, artists have earned over $30 million on SuperRare from primary sales as well as secondary market royalties (artists earn 10% of each subsequent sale of their work). Last fall, SuperRare played home to the NFT sale for CGI influencer Lilmiquela.
According to the SuperRare team, the influx of cash will enable the platform to further support artists and collectors. The team plans to add several new features to the marketplace, including more social elements like a chat service and personalized feeds, as well as making the process of auctioning work more seamless.
The team also plans to further implement layer-2 scaling solutions into the platform, following the lead of other Ethereum-based services in recent months.
"Art collecting has long been an opaque and exclusive market, inaccessible to most people," the startup's announcement read. "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."