Rarify, a company that assists third parties in incorporating NFT features into their tech platforms, has raised $10 million in its Series A fundraising round. Pantera Capital, a renowned cryptocurrency-focused venture capital firm, led the round. The corporation has now been valued at $100 billion, owing to the growing use of NFTs in a variety of industries, including gaming and metaverse applications.
Rarify Raises $10 Million and Intends to Expand
In its most recent Series A fundraising round, It is a firm that creates infrastructure for third parties to integrate NFT services, raised $10 million. Pantera Capital led the round, which saw Rarify attain a $100 million valuation, with participation from additional firms such as Eniac Ventures, Greycroft, Hyper, and Slow Ventures.
According to Rarify co-founder Revas Tsivtsivadze, the company wants to make the process of making and selling NFTs as simple as “Square made it very easy to take payments.” The cash obtained in the investment round will be used to ramp up hiring and launch NFT solutions in collaboration with business partners.
Pantera’s Paul Veradittakit said, “
“Rarify eliminates the most significant barriers that businesses have when incorporating NFTs into their existing products.”
Rarify’s solutions, he continued, could “make NFTs accessible to corporations and, by extension, customers at large.
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Growth fueled by non-financial technology (NFT)
The expansion of the NFT market and the usability of NFTs in a variety of industries, including art and gaming, has led to Rarify’s current fundraising round. While some question the veracity of these tools, there is a substantial market for them, with one of the most popular NFT marketplaces, Opensea, surpassing the $20 billion milestones in all-time sales last month.
In September, the company’s seed investment round was able to raise $2 million dollars. The founder of Pareto and Shutterstock, Jon Oringer, who also took part in that round, said:
Early adopters have the best chance of capitalizing on opportunities, and Rarify makes NFT accessible to more businesses than ever before.
Traditional gaming businesses are exploring NFT support in their products as well. This is the situation with Ubisoft, which built Quartz, its own NFT market. According to Rarify’s website, their purpose is to encourage these organizations to incorporate NFTs into their business models by providing solutions so “teams don’t have to patch together different systems or spend months integrating blockchain technology.
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