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New York’s RareCircles mints $7.5M to make NFT communities more accessible: Should OpenSea be worried?

RareCircle
Image credits: RareCircle

The NFT (Non-Fungible Token) market has significantly grown in 2021. In just a year, the NFT market went from total daily sales of about $183k in 2020 to an average of $38M in 2021, reports a website. Recently, the public attention towards NFTs exploded and has become quite popular among investors and collectors. 

So far, we have dozens of platforms capitalising on the popularity of NFT, and one such is RareCircles. 

Raised $7.5M

The company was developed to support the next wave in NFTs and to create robust NFT membership experiences for their communities. Recently, the company has raised $7.5M in a Seed round of funding. 

Who backed?

Tiger Global led the round, with participation from White Star Capital, Hashed, Alpaca, Crew Capital, Global Founders Capital, Alumni Ventures, and Detroit Venture Partners. Packy McCormick (Not Boring), Joe McCann, Austin Rief (The Morning Brew), Mike Dudas (6th Man Ventures), Greg Isenberg (Late Checkout Fund), and Julien Smith (Practice) are also joining as investors.

Democratising NFT 

Founded by serial entrepreneurs Ethan Song and Nick D’Urbano, RareCircles allows anyone to make, sell and manage powerful NFT memberships under one operating system.

Additionally, the company provides the critical infrastructure for captivating audiences post-purchase. 

Further, the platform offers a comprehensive suite of tools that integrates access to exclusive content, unique drops, private communities, immersive benefits, and more.

Why RareCircles?

RareCircles aims to eliminate the need for multiple third-party tools, removing the barriers to entry in the Web3 space. 

With RareCircles, users can mint NFTs across different blockchains and take payments in both crypto and fiat.

Moreover, an entrepreneur can generate support for a project by offering early membership. 

A fashion brand can gamify access to special products and perks and a content creator can reward fans with exclusive material and behind-the-scenes details.

Investor

Tiger Global Management is an investment firm focused on private and public companies in the internet, software, and financial technology sectors. 

Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries, including investments ranging from Series A to pre-IPO. 

“In recent years, innovative commerce and community platforms such as Kajabi and Patreon have enabled millions of people to realize new digital businesses,” said John Curtius, partner at Tiger Global. “We see the same revolutionary potential in the NFT space. But the current tools are limited and cumbersome — that’s where RareCircles comes in.”

Tiger Global’s investments have included JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Peloton, Attentive, LinkedIn, Flipkart, and Toast.

“RareCircles is an exciting one-stop solution that empowers creatives and business owners to transform how they interact with their clients and build sustainable communities around their products,” stated Baek Kim, General Partner at Hashed.

“Having built large communities and brands at their previous companies, the founders of RareCircles are well-positioned to help elevate that link through Web3 and blockchain technology,” noted Sep Alavi, General Partner at White Star Capital.

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