Key Takeaways
- Rarify raises a whooping amount from Pantera in the Series A funding round.
- The startup Rarify wants to make NFT ‘easy-to-use’ for all businesses.
- They have been able to determine the core problems companies face and are capable of removing them.
Rarify, a startup founded last year with its headquarter in Manhattan, has motivated other entrepreneurs by raising $10 million in a Series A funding round led by Pantera. The company was valued at $100 million, as informed to PYMNTS in a press release via email.
The startup’s vision is to make businesses more familiar with one of the fastest-growing sectors, ‘NFT’. It can be done if Rarify succeeds to make NFT technology adaptable. Rarify is confident that this new asset section will soon “become native to the internet and should be inclusive of any web users.”
Companies like Pareto, Eniac Ventures, Greycroft, Scott Belsky, Protocol Labs and others invested in the company in the seed round. Rarify would use the $2 million raised in this round to elevate their hiring system and also for the product rollout with their business partners.
Rarify wants every platform to allow its users to trade and facilitate them with the components they would require as creators and traders to increase engagement with NFTs. Unfortunately, this is a complicated process as several companies have yet to acquire the advanced technology to build NFT capabilities. To make things more challenging, Blockchain cannot function with other systems, and decentralized apps are not user-friendly as well.
Paul Veradittakit at Pantera says, “Rarify removes the biggest hurdles companies face when introducing NFTs to their existing products.”
As Rarify is looking for a solution to build a bridge between decentralized technology and application layer protocols that have been widely adopted, Jon Oringer, the founder of Pareto and Shutterstock, says, “Opportunity is best harnessed by early movers, and Rarify makes NFT feasible for more companies than ever before possible.”
“What’s more, Rarify has a rare combination of a strong team with a proven track record for scaling API-based products, a market-oriented vision for product execution, and perfect timing aligned with the explosive growth of the NFT market.”
