NFT Startup Zora Labs secures $50 million funding to help artists and developers create independent NFT Marketplaces
Haun Ventures invests $50 million in Zora Labs to support its objective of helping creators develop independent NFT Marketplaces
Zora Labs, a decentralized protocol founded by Coinbase veterans Dee Goens and Jacob Hornes in May 2020 has secured $50 million in a funding round led by Haun ventures and backed by notable investment firms such as Coinbase Ventures and Kindred Ventures, raising its valuation to $600 million.
This company which started off as a service platform enabling musicians and other creatives to sell digital tokens tied to physical artifacts like cassettes has now become an open-source development platform that supports the creation of independent NFT marketplaces by anyone.
Commenting on the vision of the brand, co-founder Jacob Horne said:
"We aspire to provide artistic types with new ways to offer their creations online without having to use centralized Web 2 gatekeepers like Spotify or Amazon, which impose strict controls while taking a big cut of the revenue."
He added that the company's goal is to create independent marketplaces from nothing so that creators can benefit from their work without any form of intermediary manipulations.
Concerning the funding, Sam Rosenblum of Haun Ventures wrote in a statement:
"Haun Ventures is dedicated to backing teams building a better internet. NFTs are a core building block that are central to the future of the web and we believe NFTs will produce a new generation of creators and makers who will enjoy more equitable economics thanks to a web built with better incentives that fairly values the contributions of those who create the culture."
With this funding from Haun ventures, Zora will be able to develop its solutions, reach a wider audience and effectively address the prevalent challenges in its ecosystem.