Rarify has received $10 million from its Series A round of funding. Rarify helps companies include NFT components in their tech platforms. Pantera Capital, an internationally recognized venture capital firm based in cryptocurrency, led the funding round. With the increase in popularity NFTs enjoy in many fields such as gaming, metaverse, and other applications it is now valued at $100 billion.
Rarify Raises $10 Million, Plans Expansion
Rarify has received $10 million from its latest Series A financing round. The company, which deals in the production of infrastructure that allows third parties to incorporate NFT service, is Rarify. Pantera Capital was the lead of this round and included other companies like Eniac Ventures (Greycroft), Hyper, Slow Ventures, and Hyper.
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. Funds raised from the round will be used by the company to hire more people and launch NFT products together with corporate partners.
Pantera partner Paul Veradittakit stated:
Rarify eliminates all obstacles companies encounter when adding NFTs into their products.
He further explained that Rarify’s solutions could “make NFTs accessible to companies and, by extension, consumers at large.”
NFT Growth is the fuel
Rarify’s new funding round is the product of the growth of the NFT market and the applicability of NFTs in several industries, including art and gaming. These tools are still controversial, but there’s a large market for them. Opensea is one of the largest NFT markets and it has already crossed $20 billion in annual sales.
NFT support can also be added to traditional gaming products by companies that are not in the industry. Ubisoft has 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.
This September saw the company raise $2million dollars through its seed financing round. Jon Oringer, founder of Pareto and Shutterstock and also a participant in this round stated:
Rarify allows companies to take advantage of the opportunity that is available by being early adopters.
What do you think about Pantera Capital’s investment in Rarify? Please leave your comments below.
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