Rarify, a startup that helps third parties include NFT elements in their tech platforms, has raised $10 million in its Series A funding round. The round was led by Pantera Capital, a leading cryptocurrency-based venture capital firm. The company has now reached a reported valuation of $100 billion amidst the rise in popularity NFTs are experiencing in different fields including gaming and metaverse applications.
Rarify raises $10 million and plans to expand
Rarify, a company involved in building infrastructure that allows third parties to integrate NFT services, raised $10 million in its recent Series A funding round. The round, which led Rarify to reaching a valuation of $100 million, was led by Pantera Capital with participation from other companies including Eniac Ventures, Greycroft, Hyper and Slow Ventures.
Rarify aims to simplify the whole process of creating and selling NFTs in the same way that “Square made it super easy to accept payments,” according to statements given by its co-founder Revas Tsivtsivadze. The company will use the funds raised in the funding round to start hiring more aggressively and launch NFT products with corporate partners.
Pantera Partner Paul Veradittakit said:
Rarify removes the biggest hurdles businesses face when introducing NFTs to their existing products.
He further explained that Rarify’s solutions could “make NFTs accessible to companies and, by extension, consumers at large.”
Fueled by NFT Growth
Rarify’s new funding round is a product of the growth of the NFT market and the applicability of NFTs across multiple industries, including art and gaming. While some still criticize the validity of these tools, there is a significant market behind them, with one of the major NFT marketplaces, Opensea, having passed the $20 billion mark in sales last month.
Traditional gaming companies are also experimenting with adding NFT support to their products. This is the case for Ubisoft, which created its own NFT market called Quartz. Rarify’s goal is to get to these companies adding NFTs into their business models, offering solutions so “that teams don’t need to stitch together disparate systems or spend months integrating blockchain technology,” according to the mission described on its website.
The company’s seed funding round successfully raised $2 million in September. Jon Oringer, the founder of Pareto and Shutterstock, who also participated in this round, said:
Opportunity is best harnessed by early movers and Rarify makes NFT feasible for more companies than ever before possible.
