Coinbase is among the investors helping the new NFT exchange provide alternatives to OpenSea.

As non-fungible tokens (NFTs) continue to gain popularity, the marketplaces for them continue to grow, the latest being San Francisco-based NFT marketplace protocol developer Zora Labs, which just raised $50m in a funding round backed by cryptocurrency exchange Coinbase, TechCrunch has reported.

Zora Labs’ protocol lets users create both NFTs and the marketplaces for them. It has its own central marketplace akin to NFT marketplace operator OpenSea’s, but its protocol is mostly used to create NFT exchanges through third-party sites.

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
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