Rarify reached a valuation of $100 million after a recent funding round led by Panthera Capital and joined by several others.
A startup providing NFT infrastructures to third parties, Rarify managed to raise $10 million in a recent Series A funding round. The funding round was led by venture capitalist firm Panthera Capital and participated by other investment firms, including Greycroft, Hyper, Eniac Ventures, and Slow Ventures. Per reports, the total valuation of the NFT API provider firm reached approx $100 million.
In September, Rarify got its seed funding of $2 million. Getting a valuation of $100 million in a short span of time by a bare start-up firm is not so much of a surprise and could be easily understood due to the growing popularity of NFTs. Non-fungible tokens are now being adopted rapidly, and that can be seen by the experience that NFTs are facing across different fields and industries, majorly are from gaming and metaverse.
Co-founder of Rarify Revas Tsivtsivadze stated that Rarify is simplifying the entire process of creating NFTs and selling them in the same way as accepting payments made super easy by financial services provider firm Square. Companies’ plans are to allocate the funds Rarify got from funding rounds to aggressively start hiring more and, with corporate partners, launch NFT products.
As Rarify’s goal stated on its website is to get to those companies that are adding NFTs to their businesses, offering them solutions so they don’t need to bring the different systems or spend their time in integrating with blockchain technology.
Stating about Rarify, Partner of Pantera Capital firm Paul Veradittakit said that Rarify is removing the significant hurdles and lowering the threshold that companies face while introducing their Non-fungible tokens with their existing products.
Further, Paul also said that Rarify is providing solutions that could make NFTs easily accessible to companies and, by larger extension, to consumers as well.
Founder of Pareto and Shutterstock, Jon Oringer, who also participated in the funding round, said about Rarify that early movers best harness the opportunities, and Rarify is making NFTs feasible for more and more companies than ever before.
Growth of the NFT market and large adoption and application ability of NFT across several industries like digital arts, gaming, and metaverse results in adoption and eventually valuation of related projects and firms, as is the case with Rarify. NFT became the buzzword of the present time about which individuals and experts have distributed perspectives and opinions. Some call it frenzy or just another mad concept, while others accept it with open arms, and results can be seen clearly as the whole market currently holds a total valuation of almost $25 billion.