Haun Ventures is leading a $50 million fundraising round for NFT company Zora Labs.
The NFT ecosystem continues to grow, but the vast majority of volume continues to flow via the tightly restricted hallways of the NFT marketplace OpenSea, leaving crypto VCs looking for new opportunities.
Haun Ventures, Katie Haun’s new venture capital firm, has made its first investment in the NFT company Zora Labs. The business is valued at $600 million after a $50 million funding round.
Developers and artists may create NFT marketplaces and collections using the Zora protocol. Zora has its own primary marketplace, similar to OpenSea, where users may promote NFTs, although the vast majority of NFTs traded over its protocol happen on third-party sites. Crypto organisations like as publishing business Mirror and collective FWB have sold NFTs to community members using Zora’s protocol.
Coinbase Ventures and Kindred Ventures, in addition to Haun Ventures, took part in the round. While working at a16z, Haun led OpenSea’s Series B, earning him a seat on the board.