Rarify Raises $10 Million to Transform NFT Purchasing Experience

Rarify’s New Funding Milestone

Rarify, an emerging player in the NFT infrastructure arena, has successfully raised $10 million in Series A funding, courtesy of Pantera Capital. This investment values the startup at an impressive $100 million. If you’re wondering just how significant this backing is, Pantera Capital happens to be one of the leading venture capital firms specializing in crypto—essentially the cool kid in the digital finance playground.

Reinventing NFT Commerce

At the heart of Rarify’s offerings is an innovative API designed to facilitate NFT commerce. This tool allows companies to effortlessly launch user-friendly marketplaces and simplifies the process of minting and transferring NFTs across various blockchains. Imagine it as the tech equivalent of a universal remote, but for NFTs.

Simplifying the Complex Checkout Process

Rarify cofounder Revas Tsivtsivadze expressed the company’s ambitious goal: making NFT transactions as convenient as pie—specifically how Square streamlined payment processes. Tsivtsivadze pointed to existing marketplaces, like OpenSea, which he likened to navigating a maze with a staggering “14-step process.” With Rarify’s streamlined approach, this could shrink down to a breezy three steps. Cutting down the frustration of buying an NFT feels like a miracle.

Building on Previous Success

In addition to this latest funding, Rarify also secured $2 million in a seed round last year. That initial round attracted participation from notable investors including Pareto and Eniac Ventures. With this new influx of capital, Rarify plans to expand its team and introduce more products in collaboration with its partners, enabling them to enhance the NFT marketplace.

Navigating Challenges in the NFT Market

The excitement around Rarify comes amid an ebb in the NFT sector, as recent reports highlighted a 12% decrease in unique NFT buyers and a staggering 60-70% drop in related Google search traffic since January. It seems like just when you think NFTs can’t get any cooler, reality checks come tumbling in. Coupled with geopolitical tensions, Rarify faces hurdles of its own. Tsivtsivadze, along with four team members, is navigating these choppy waters currently stationed in Ukraine, where communication remains vital as they work from hotspots in Kyiv and Kharkiv. A courageous feat to say the least!