Rarify, an NFT infrastructure startup, has secured $10 million in Series A investment from Pantera Capital at a valuation of $100 million. Pantera Capital’s support is very important, considering the business is one of the leading venture capital firms in cryptocurrency. Rarify’s principal service is an NFT-commerce-focused application programming interface (API) that allows businesses to establish and integrate user-friendly markets into their platforms. The API also enables the minting and transfer of NFTs between blockchains.
Ratify co-founder Revas Tsivtsivadze told a magazine on March 3 that the company’s goal is to simplify NFT purchasing and selling in the same way Square made it very easy to make payments. Tsivtsivadze cited the check-out procedure of markets like OpenSea, which he said has “like a 14-step process” that could be reduced to as little as three stages.
The current fundraising round follows a $2 million seed round from last year, which included Pareto, Eniac Ventures, and Protocol Labs, among others. The cash will be used to expand the firm’s employment base and create new products with its partners. The startup now offers NFT embedding services, which allow website owners to incorporate simple NFT purchasing and selling functionalities into their websites, such as blogs or storefronts.