Rarify, a startup that helps third parties include NFT elements in their technology platforms, raised $ 10 million in its Series A funding round. The round was led by Pantera Capital, a leading venture capital firm based on cryptocurrencies. The company has now reached a claimed valuation of $ 100 billion amid the surge in popularity NFTs are seeing in a variety of fields, including games and metaverse applications.
Rarify raises $ 10 million, plans expansion
Rarify, a third-party infrastructure manufacturing company for NFT integration, raised $ 10 million in its recent Series A funding round. $ 100 million, it was led by Pantera Capital with the participation of other companies, including Eniac Ventures, Greycroft, Hyper and Slow Ventures.
Rarify aims to simplify the entire process of creating and selling NFTs in the same way that “Square has made accepting payments extremely easy,” according to statements by its co-founder Revas Tsivtsivadze. The company will use the funds raised in the funding round to start hiring more aggressively and launching NFT products with business partners.
Pantera partner Paul Veradittakit said:
Rarify removes the biggest hurdles businesses face when introducing NFT into their existing products.
He further explained that Rarify’s solutions could “make NFTs accessible to businesses and, by extension, consumers in general.”
Fueled by NFT growth
Rarify’s new funding round is the product of the growth of the NFT market and the applicability of NFTs across industries, including art and gaming. While some still criticize the validity of these tools, there is a sizable market behind them, with one major NFT market, Opensea, breaking the all-time sales threshold of $ 20 billion last month.
Traditional gaming companies are also experimenting with adding NFT support to their products. This is the case with Ubisoft, which has created its own NFT market called Quartz. Rarify’s goal is to reach these companies by adding NFTs to their business models, offering solutions so that “teams don’t need to merge disparate systems or spend months integrating blockchain technology,” according to the mission described on its website. web.
The company’s initial funding round managed to raise $ 2 million in September. Jon Oringer, the founder of Pareto and Shutterstock, who also participated in that round, said:
The opportunity is best used by beginners, and Rarify makes NFT viable for more businesses than ever.
What do you think of Pantera Capital’s investment in Rarify? Tell us in the comments section below.
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