Recur, a Miami-based NFT startup, has secured $50 million in Series A funding to disrupt the Non-Fungible Token (NFT) industry.
The Series A funding round was led by Digital, a metaverse investment platform, bringing the startup’s valuation to $333 million. Previous investors like Defi Alliance, Courtside VC, Volt Capital, Joe Lubin, Gemini/the Winklevoss Twins, Gary Vaynerchuk, Scott Belsky, Hashed, Nascent, Delphi Ventures, and JST Capital also participated in the round. Steve Cohen, who is financially backing Digital, will be joining Recur’s board of directors.
The Non-Fungible Token industry has experienced explosive growth over the past years, providing new ways for people around the world to own digital assets. Its use in gaming, art, music, and other industries, has resulted in increasing interest from artists, personalities, and enterprises. Recur is aiming to boost the growth of the NFT ecosystem while setting the new standard for royalties collection. Zach Bruch and Trevor George, Recur’s co-founders, said in this regard:
“At RECUR, we are building a future where NFTs can be taken anywhere as tokens of personal expression, community membership, and fandom, among so many other use cases. Our goal is to give fans the opportunity to own pieces of the stories and IPs they love, with real value retained across any future chain. Further, we see a future where the standard for a decentralized recurring royalty is embedded, giving the creator due credit as assets are exchanged over and over again,”
In addition to the completion of the Series A round, the startup also announced the launch of its new collegiate NFT marketplace NFTU.com and its partnership with Veritone, a leading artificial intelligence company. This partnership will allow the startup to provide its users with exclusive content, as well as to bring collegiate marks and mascots to the NFT space. Michael Arthur, SVP at Veritone Licensing, referred to this partnership by stating:
“Veritone is at the forefront of advancing technology, and the opportunities we see through NFTs for athletes are endless. Working with an innovative partner like RECUR to make the Pac-12 Networks library licensable through NFTs is another way we are fulfilling our mission to make content more accessible to licensees and generate more distribution opportunities for our international library partners.”
Cryptocurrencies and blockchain technology have experienced increasing adoption over the past years, with NFTs being seen by many as their natural evolution. With younger generations looking for new ways to truly own and interact with their digital assets, the NFT startup is looking to become a major player in the development of this industry.