NFT startup Zora Labs raises $50mn in seed round led by Haun Ventures

NFT startup Zora Labs raises $50mn in seed round led by Haun Ventures

NFT marketplace startup, Zora Labs, has reportedly raised $50 million in its seed round, valuing the firm at $600 million.

Zora’s open-source protocol offers developers and artists the ability to create NFT collections and marketplaces.

Similar to the leading NFT marketplace, OpenSea, Zora also has its own marketplace where users can sell their own NFTs.  However, a majority of NFTs that are sold on Zora’s protocol occur on third-party sites.

With Zora, users can build websites and online stores for their NFTs and web3 assets with the startup’s easy-to-use tools, similar to how WordPress works in helping users create their blog or website.

The seed round was led by Haun Ventures, a crypto fund launched by former Andreessen Horowitz General Partner, Katie Haun. Other investors in the round include Coinbase Ventures, the investment arm of crypto platform Coinbase, and VC fund Kindred Ventures.

Blockchain-based publishing startup, Mirror, and social community token, FWB, both leverage Zora’s protocols in order to sell their NFTs to community members.

Zora was founded in 2020 by three Coinbase veterans, and initially offered artists and musicians the ability to sell digital tokens related to physical assets such as cassettes.

The startup’s tools have also been used in various high-profile NFT drops such as the $4 million sale of a Doge NFT and another for the Warhol Foundation.

With Zora, NFT buyers can even buy carbon offsets, which help in minimizing the buyer’s environmental impact.

Jacob Horne, co-founder of Zora, stated that the goal of the startup is to help creators get as much value as possible from their work by allowing them to create their own independent marketplace, unlike other Web2 platforms, which also take a cut from their revenue.

Horne believes that with the NFT market evolving, demand for niche verticals will grow as well so that various communities of creators can come together with their fans.

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