nft art marketplace superrare closes $9 million series a
The Rapid Growth of the NFT Market and Recent Funding
The NFT ecosystem is currently experiencing a period of significant expansion, and companies positioned to capitalize on this trend are attracting substantial investment.
SuperRare Secures $9 Million in Series A Funding
SuperRare, a platform dedicated to NFT art, has recently completed a $9 million Series A funding round. This investment was spearheaded by Velvet Sea Ventures and 1confirmation.
A diverse group of investors also participated, including Collaborative Fund, Shrug Capital, Third Kind, SamsungNext, Sound Ventures (led by Ashton Kutcher and Guy Oseary), Mark Cuban, Marc Benioff, Naval Ravikant, and Chamath Palihapitiya.
The Rise of Crypto Art
The SuperRare team characterized the burgeoning crypto art market as a “global phenomenon” in their announcement regarding the funding.
SuperRare’s Unique Approach
Launched in 2018, SuperRare distinguishes itself through a curated, early-access platform. All artwork available is sold as unique, single-edition pieces (1/1).
The company intends to broaden access to the platform next year. SuperRare generates revenue through a 3% transaction fee on art sales, alongside a 15% gallery fee for initial sales.
A notable feature is the ongoing revenue stream for creators, who receive 10% commissions on subsequent secondary market sales of their work.
Challenges and Solutions for NFT Adoption
Despite the recent surge in NFT art sales, obstacles to widespread adoption remain. These largely stem from scalability limitations within the Ethereum mainnet, which SuperRare utilizes.
Numerous companies are developing layer-two solutions to enhance transaction speeds, reduce energy consumption, and lower fees. ConsenSys, for example, recently introduced Palm, featuring artist Damien Hirst as its inaugural artist.
A Resurgent Blockchain Startup Landscape
Following a prolonged period of reduced activity in the cryptocurrency market, blockchain startups are experiencing a revival. This is fueled by increased venture capital investment, growing interest in NFTs, and rising Bitcoin prices.
Dapper Labs, the creator of NBA Top Shot, recently announced a $305 million venture funding round.
Lucas Matney
Lucas Matney: A Profile
Lucas Matney previously held the position of Senior Editor at TechCrunch. His work was centered in San Francisco, California.
Background and Role
As a Senior Editor, Matney was responsible for overseeing and contributing to the technology news coverage provided by TechCrunch. He played a key role in shaping the publication’s editorial direction.
His location in San Francisco placed him at the heart of the technology industry, facilitating access to important events and sources. This proximity was crucial for his reporting.
TechCrunch and its Focus
TechCrunch is a leading online publisher focused on technology news, startups, and venture capital. It provides in-depth reporting and analysis of the tech landscape.
- Key Areas of Coverage: Startups, venture funding, and emerging technologies.
- Audience: Entrepreneurs, investors, and technology enthusiasts.
- Location: While global in scope, TechCrunch maintains a significant presence in Silicon Valley.
Matney’s role at TechCrunch involved contributing to this coverage, offering insights into the latest developments within the tech sector. He was instrumental in delivering news to a wide audience.
Editorial Responsibilities
The responsibilities of a Senior Editor typically include managing a team of writers, editing articles, and developing story ideas. Matney’s position demanded strong editorial judgment and leadership skills.
Furthermore, the role required a deep understanding of the technology industry and the ability to identify and report on significant trends. He was a key figure in TechCrunch’s content creation process.