Rarify Gets $10M in Series A Led by Pantera Capital To Further Hiring Efforts

Rarify is aiming to lower the barriers to entry for new businesses in the NFT sector

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • Rarify wants to reduce technical complexities for new entrants to the NFT space
  • Those barriers include blockchains lacking interoperability while having platform-specific economies as well as companies lacking familiarity with compliance standards

NFT infrastructure startup Rarify has secured $10 million via a Series A led by Pantera Capital.

The fresh injection of capital will be put toward the startup’s hiring efforts as well as product launches with enterprise partners, according to a press release on Thursday.

The raise, which saw participation from Slow Ventures, Eniac Ventures, Greycroft and Hyper, has boosted the company’s valuation to $100 million.

Rarify’s Series A is the latest round following in $2 million seed funding that saw participation from the likes of Pareto, Eniac Ventures, Greycroft, Scott Belsky and Protocol Labs, among others.

Rarify offers commerce API infrastructure for marketplaces and applications to build “end-to-end experiences” with NFTs (non-fungible tokens), the startup said in its release.

Rarify also said its mission was to reduce barriers to entry for NFT technology and to enable businesses to “participate” in a sector experiencing significant growth.

Problems for new business entrants in the sector arise when they first attempt to build NFTs that require particular technical resources and skills, the startup said.

Blockchains lacking interoperability while having platform-specific economies as well as companies lacking familiarity with compliance standards were some of the largest hurdles for new entrants.

“Rarify removes the biggest hurdles companies face when introducing NFTs to their existing products,” said Pantera partner Paul Veradittakit. “We’re excited to partner with the Rarify team to accelerate their growth trajectory and make NFTs accessible to companies and, by extension, consumers at large.”

Rarify also offers real-time API access to historical data on NFT assets across “multiple blockchains” that can be leveraged by Web2 and Web3 companies building decentralized finance (DeFi), marketplace products.

“With NFT Embeds, content creators can simplify the entire discovery and checkout process for the end users,”the startup said.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

hivemapper.jpeg

Research

We believe crypto market participants overlook Hivemapper’s fundamental potential due to a poor understanding of both the niche map data market and Hivemapper’s positioning relative to incumbents. Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs. Its current and potential future product suite may represent one of the strongest possibilities for PMF in crypto today.

article-image

👨‍⚖️ SBF’s courtroom sequel: Plus, Coinbase’s legal loss was DeFi’s gain

article-image

Public mining companies have been acquiring sites, refreshing machine fleets and diversifying business models in preparation for the event

article-image

Exploit shows centralization can sometimes be an asset

article-image

The Fidelity Ethereum Fund, like other proposed ETH ETFs, seeks to stake a portion of its assets, according to the firm’s Wednesday registration statement

article-image

The DAO first voted on enabling SAFE transfers over a year ago