The market for nonfungible tokens, or NFTs, continues to grow, attracting mainstream influencers, leading artists and high-profile investors.
NFT company Recur has seen its valuation swell to $333 million after concluding a successful investment round endorsed by billionaire Steve Cohen’s family office.
The Series A raised $50 million, mainly through contributions from the Cohen-backed investment platform Digital, according to a statement. Some of Recur’s previous investors include Hashed, Gemini, CMT Digital, JST Capital and Delphi Ventures.
The investment will be used to bootstrap the company’s go-to-market strategy, which includes hiring over 150 people, developing new brand experiences and launching a new NFT platform called NFTU.com. As Cointelegraph reported, Recur raised $5 million in March to address some of the biggest challenges within the NFT market, including how artists get paid.
In addition to the funding round, Recur announced it has agreed to new partnerships with artificial intelligence firm Veritone and CLC, one of the largest collegiate trademark licensing companies in the country. Veritone is the exclusive licensing partner for the Pac-12 Networks, a collegiate athletic conference that operates in the western states. All Pac-12 NFTs created through Recur will be licensed by Veritone.
NFTs have quickly blossomed into a multi-billion-dollar market, attracting new buyers from industries with high levels of fan engagement. In August alone, NFT sales topped $900 million, easily surpassing the previous high set in May of this year. Although CryptoPunks has been the main driver of the recent NFT craze, the sports and music industries are likely to utilize the technology to maximize fan engagement, especially after the COVID-19 pandemic.