The rate of adoption we see in NFTs is monumental. Anything that has to do with Non-Fungible Tokens seems to be making waves. Many startups have recently emerged to provide solutions that boost NFT transactions. One such firm is Rarify, aiming to offer scalable NFT APIs to facilitate commercial transactions.
Given that many of these startups require funding, Pantera Capital supported them to carry out a grant round. The round raised a whopping $10 Million and helped grow the firm’s valuation to $100 million. This is not surprising because Pantera Capital is a top venture capitalist that holds water in crypto.
Rarify offered an API during the rounds that boost the NFTs commercial sector. This interface will facilitate easy launching and integration of user-friendly marketplaces on the firm’s platforms. It will also allow firms to mint and port NFTs between various blockchains.
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In an interview with our source, the co-founder Revas Tsivtsivadze reveals plans to make it easier for people to buy and sell NFTs.
He said they aim to simplify the process as Square facilitated cryptocurrency payments.
He also mentioned that they hope to create a more straightforward check-out process than OpenSea by reducing the number of methods.
Insights About The NFT Firm Rarify Funding Round
Before the latest round, the company organized a seed round that raised $2 million in 2021. Those who participated included Protocols Labs, Eniac Ventures, Pareto, etc. Raising these funds aims to launch a product and hire more hands.
Now, Rarify offers embedding services that allow blog owners or stores to add NFT to their buying & selling features. The process involved is straightforward to enable easy integration.
Also, the team is presently working on releasing a tracking API that can work on many blockchains. The API will also determine the NFT values and even verify the profile picture of users.
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The success of this funding round shows that people are still trusting in the profit potential of NFTs even though the sector is turbulent. For example, last month, the search for NFTs on Google reduced by 70% from January. Also, buyers in the secondary NFTs market have reduced too by 12%.
This dip can be attributed to the growing conflict in Ukraine, given that many people might be more interested in what’s happening over there.
It is also evident that the situation affects startups like Rarify because it has fourteen employees residing in Ukraine. Even the engineering lead and chief tech officer are both in Ukraine. The good news is that they’re still in contact with them, not minding the dangers where they’re living.
Featured image from Pexels, chart from TradingView.com