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Recur raises $ 5 million to develop a perpetual royalty platform for NFT sales

Can a new NFT (Non-Fungible Token) platform finally solve the licensing problem across the ecosystem?

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

The climb requires a number of remarkable superlatives, including industry veteran Gary Vaynerch’s first initial investment in the NFT ecosystem, as well as the largest opening round for an NFT project (Dapper Labs has raised a lot more money for fundraising in its three year fundraising history, but mostly in series A rounds).

Recur raises $ 5 million to develop a perpetual royalty platform for NFT sales
Recur raises $ 5 million to develop a perpetual royalty platform for NFT sales

There are currently a number of platforms where NFTs can grant royalties to artists after each sale in the secondary market, including Treum, the developer of Foundation, Zora and Euler Beats. Recur’s key innovation will be an ERC token standard This allows license fees to work regardless of the platform.

“RECUR’s technical team is involved in the official Ethereum Enhancement Process (EIP) and our technology is implemented at the blockchain level,” said Recur’s CEO. Zach Bruch. In this way, the NFTs imprinted on our platform can move freely in the ecosystem and at the same time generate recurring license fees for the owners and owners of the intellectual property. Ultimately, our goal is to make the NFT chain independent and to keep NFTs and license fees decentralized. “

Bruch was not related to any particular EIP his team is working on. Similar suggestions as that EIP-2981, This adds standard license fees according to the ERC-721 standard from NFT, They are also in progress.

While the NFT space is increasingly crowded (and Recur’s royalties are expected to apply across the ecosystem), purchasing licenses and proprietary intellectual property can also help you set yourself apart. To that end, Recur is bringing some of the weight of the media industry to life through former Disney executives. Stephen Teglas and Chris Heatherly. In particular, Teglas worked in Disney’s licensing department.

“Recur is partnering with some of the biggest brands in the world to be announced in the coming months” Said Bruch. “We only work with blue chip brands to help them bring their intellectual property to the widest possible audience.”

The press release says that Recur’s first “brand experience” will be introduced in summer 2021.

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