In its most recent Series A fundraising round, Rarify, a firm that creates infrastructure for third parties to integrate NFT services, raised $10 million. Pantera Capital led the round, which saw Rarify reach a $100 million valuation, with Eniac Ventures, Greycroft, Hyper, and Slow Ventures also participating.
Rarify seeks to make the process of creating and selling NFTs as simple as possible, according to co-founder Revas Tsivtsivadze. “Square made accepting payments a breeze.” The funds raised in the investment round will be utilised to increase hiring and develop NFT solutions with the help of business partners.. Rarify’s current fundraising round is the result of the growth of the NFT market and the applicability of NFTs in a range of industries, including art and gaming. While some question the validity of these tools, there is a sizable market for them, with one of the most popular NFT markets, Opensea, surpassing the $20 billion mark in all-time sales last month.
Traditional gaming businesses are experimenting with NFT support in their products as well. This is the case for Ubisoft, which built its own NFT market called Quartz. According to the mission description, Rarify’s goal is to persuade these organisations to include NFTs into their business models by providing solutions so “teams don’t have to patch together different systems or spend months integrating blockchain technology.”
Read more: Swim Protocol raises USD 4 million in a funding backed by Pantera
