April 17, 2021

Recur raises $5 million for perpetual cross-platform NFT royalties

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Can a new non-fungible token (NFT) platform finally solve the problem of ecosystem-wide royalties?

NFT platform Recur announced on Thursday a $5 million seed round led by the DeFi Alliance, Delphi Digital, Ethereum co-founder Joe Lubin, and Gemini, among others.

The raise claims a number of notable superlatives, including the first seed investment in the NFT ecosystem from industry veteran Gary Vaynerch, as well as the largest seed round ever for a NFT project (Dapper Labs has raised many multiples more money over its three year fundraising history, but largely in Series A rounds).

Currently there are a number of platforms that allow NFTs to impart royalties to artists after every secondary market sale, including Foundation, Zora, and Euler Beats developer Treum. Recur’s key innovation will be a ERC token standard that will allow royalties to function regardless of platform.

“RECUR’s technical team is involved in the official process for Ethereum improvements (EIP), and our technology will be implemented at the blockchain layer,” said Recur CEO Zach Bruch. “By doing this it will allow the NFTs minted on our platform to move freely around the ecosystem while Title: Recur raises $5 million for perpetual cross-platform NFT royalties
Sourced From: cointelegraph.com/news/recur-raises-5-million-for-perpetual-cross-platform-nft-royalties
Published Date: Sat, 27 Mar 2021 14:29:40 +0000

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