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Nonfungible tokens, or NFTs, are gaining popularity, drawing mainstream influencers, famous artists, and high-profile investors.
Recur, an NFT startup, has increased its valuation to $333 million following a successful financing round led 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 funds will be used to bootstrap the company’s go-to-market strategy, which will entail recruiting over 150 people, building new brand experiences, and launching NFTU.com, a new NFT platform. According to Cointelegraph, Recur funded $5 million in March to address some of the most pressing issues in the NFT business, including how artists are compensated.
Recur also announced new relationships with artificial intelligence startup Veritone and CLC, one of the largest collegiate trademark licencing organisations in the country, in addition to the fundraising round. 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 grown into a multibillion-dollar industry, attracting new purchasers from businesses with high levels of fan interaction. NFT sales surpassed $900 million in August alone, easily exceeding the previous peak established in May of this year. Although CryptoPunks has been the primary driver of the recent NFT frenzy, the sports and music sectors are expected to use the technology to increase fan participation, particularly in the aftermath of the COVID-19 outbreak.
As previously reported, a big music event hosted by iHeartMedia plans to give away free NFTs to concertgoers in Las Vegas on September 17 and 18.