Evolution is in human nature, as evident from the history of mankind. The latest segment of growth is cryptocurrencies that have opened up new opportunities. Amongst the crypto universe, there are several segments continuously in the works. NFTs are one of these segments that have become more and more popular because of their ability to provide an interactive and fun approach to otherwise mundane crypto financial markets.
In the NFT Metaverse, several projects have been trying to establish their foothold, but only a few succeed. Recur, a famous NFT company has been making waves with its funding rounds. Recently, Recur conducted a Series A investment round led by billionaire Steve Cohen of $50M. This investment round helped the platform to reach a total of $333M valuation, to rank relatively high in the almost saturated NFT market.
Series A Fundraising
The fundraising came from DIGITAL, a metaverse in itself founded by Steve Cohen, Mark Daniel, and Benjamin Milstein. The funds raised will be utilized to grow to Recur into an enviable metaverse with an array of features. The investment will also be used to hire over 150 people, develop new brand experiences and launch an NFT platform called NFTU.com.
In the previous investing rounds that helped Recur raise $5 Million, the company saw participation from several other investors as well including Defi Alliance, Courtside VC, Volt Capital, Joe Lubin, The Winklevoss Twins, Gary Vaynerchuk, Scott Belsky, Hashed, Nascent, Delphi Ventures, JST Capital, Divergence, 640 Oxford, IOSG, CMT Digital, David Choi, Jason Derulo, Scott Lewis, and Chris Hermida.
“At RECUR, we imagine a future where NFTs can be taken anywhere as tokens of personal expression, community membership, and fandom, among so many other use cases. We want fans 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 RECUR-ing royalty is embedded, giving the creator due credit as assets are exchanged over and over again….forever.”
Recur has also announced partnerships with Ai firms Veritone and CLC, one of the most significant collegiate trademark licensing companies in the country. With the NFT market growing every day, raising funding and making meaningful partnerships are the recipe for the success perfectly showcased by Recur.