The NFT ecosystem continues to chug along, but the vast majority of volume is still moving through the centralized halls of NFT marketplace OpenSea, leaving crypto VCs eager to find new channels.
Katie Haun’s new firm, Haun Ventures, has led its first deal in NFT startup Zora Labs. The $50 million funding round values the company at $600 million.
Zora’s protocol allows artists and developers to create NFT marketplaces and collections. Zora has its own primary marketplace where users can list NFTs, similar to OpenSea, but the vast majority of NFTs sold on its protocol take place on third-party sites. Crypto organizations like publishing startup Mirror and collective FWB have leveraged Zora’s protocol to sell NFTs to community members.
In addition to Haun Ventures, backers in the round include Coinbase Ventures and Kindred Ventures. Haun notably led OpenSea’s Series B while at a16z, earning a seat on the board.