NFT Infrastructure Provider Rarify Gets $10 Million Investment in Series A Funding Round Led by Pantera Capital
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...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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, Plans ExpansionRarify, a company that deals with producing infrastructure for third parties to integrate NFT services, has raised $10 million in its recent Series A funding round. The round, which led Rarify to reach a valuation of $100 million, was led by Pantera Capital with the participation of 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 stated:
Rarify removes the biggest hurdles companies 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 GrowthRarify’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. While some still criticize the validity of these tools, there is a sizable market behind them, with one of the main NFT markets, Opensea, having crossed the $20 billion all-time sales mark 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 seed funding round of the company managed to raise $2 million dollars in September. Jon Oringer, the founder of Pareto and Shutterstock, who also participated in that round, stated:
Opportunity is best harnessed by early movers and Rarify makes NFT feasible for more companies than ever before possible.
What do you think about Pantera Capital’s investment in Rarify? Tell us in the comments section below.
Why this matters
This nft story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Biotech company asks shareholders to dilute stock by 951% to hoard illiquid crypto token instead of funding its own drug
Enlivex, a Nasdaq-listed biotechnology company, is asking shareholders to authorize up to $800 million of financing tied to the RA...
Zero mining revenue, 98% cash collapse, 2 million mysterious shares sets up miner’s 7 billion share survival play
SOS Limited shareholders approved steps that could expand the crypto-linked company’s authorized share pool 100-fold, giving it fa...
Down to its last $4,000 in cash, a crypto firm holding millions in Solana is seeking a loan to survive $1.5M debt
UK-based Supernova Digital Assets has built a multimillion-pound crypto treasury, but its latest accounts expose the strategy’s le...
How a PPE company’s highly publicized $32M Bitcoin strategy quietly expired without purchasing a single coin
Rectitude Holdings’ $32.625 million financing intended mainly to fund Bitcoin purchases ended without producing shares or cash, ac...
CleanCore’s $800M AI Contract Shows Dogecoin Treasury Firms Are Changing Shape
CleanCore Solutions has signed a 10-year colocation agreement with Cerebras Systems valued at $800 million, and the story is not j...
Lite Strategy Funds $5.4M Buyback With Litecoin Sales And Covered Calls
Lite Strategy has repurchased 4.9 million shares for $5.4 million, using Litecoin treasury activity and covered-call premiums to f...