Pantera Capital, a prominent cryptocurrency-based venture capital company, led the round. In light of the increasing popularity NFTs have in various fields, including gaming and metaverse apps, the company now has a reported value of $100 billion.
Rarify Raises $10 Million, Plans Expansion
Rarify is a company that produces infrastructure to enable third parties to use NFT services. It has raised 10 million in its latest Series A funding round. Pantera Capital led the round with participation from other companies such as Eniac Ventures and Greycroft.
According to statements by Revas Tsivtsivadze, Rarify’s goal is to make it easier to create and sell NFTs. Rarify will use the funds from the funding round to hire more people and launch NFT products together with corporate partners.
Pantera partner Paul Veradittakit stated:
Rarify eliminates the most significant hurdles that companies face when adding NFTs to existing products.
Rarify’s solutions, he explained, could make NFTs more accessible to businesses and consumers.
NFT Growth is the fuel
Rarify’s latest funding round is the result of the NFT market’s growth and the application of NFTs to many industries including art and gaming. While there are still some who question the validity of these tools’ existence, there is a large market behind them. Opensea, one of the largest NFT markets, has passed the $20 Billion all-time sales mark in the last month.
NFT support is also being explored by traditional gaming companies. Ubisoft has also created its own NFT market Quartz. Rarify’s mission is to reach these companies and offer solutions that allow them to integrate NFTs into their business models. According to its website,
In September, the seed round of funding for the company raised $2 million. Jon Oringer, founder of Pareto and Shutterstock and also a participant in the round, said:
Early movers are the best at capturing opportunity. Rarify makes NFT more accessible for more companies than ever.