Tsivtsivadze told Forbes that four of its total 14 employees are currently based in Ukraine, including the head of engineering and chief technology officer. Rarify has also directly been hampered by the situation. However, it may be a brief blip in the market as the focus of late has been shifted to the use cases of cryptocurrencies concerning the ongoing conflict between Russia and Ukraine. Related: OpenSea updates banned countries list sparking decentralization debate Cointelegraph reported on Thursday that the number of unique NFT buyers on secondary markets had dipped 12% in February, while NFT search volume on Google has dropped around 60-70% since late January. The show of faith in a new NFT firm comes amid a difficult time for the sector. Rarify is also working on a data API that can track NFTs across multiple blockchains, verify a user’s NFT profile picture and gauge the value of specific NFTs. The company currently provides NFT embedding services that enable owners of websites such as blogs or stores to integrate simplistic NFT buying and selling features. The firm intends to use the funds to scale up its employee count and launch new products with its partners.
He said they are located in “two of the hot spots” in Kyiv and Kharkiv, but has maintained communication with them throughout.The latest funding round also adds to a $2 million seed round from late last year that included participation from Pareto, Eniac Ventures and Protocol Labs, to name a few. Cointelegraph reported yesterday that the number of unique NFT buyers on secondary markets had dipped 12% in February, while NFT search volume on Google has dropped around 60-70% since late January. Rarify is also working on a data API that can track NFTs across multiple blockchains, verify a user’s NFT profile picture, and gauge the value of specific NFTs.
The latest funding round also adds to a $2 million seed round from late last year that included participation from Pareto, Eniac Ventures, and Protocol Labs, to name a few.
Tsivtsivadze highlighted the check-out process of marketplaces such as OpenSea, which he argued has something “like a 14-step process” that could be cut down to as little as three steps.
Speaking with Forbes on March 3, Rarify co-founder Revas Tsivtsivadze stated that the company aims to simplify NFT buying and selling similarly to “how Square made it super easy to accept payments.” The API also allows minting and porting NFTs between different blockchains. One of Rarify’s primary offerings is an NFT-commerce-focused application programming interface (APIs) that enables firms to launch and integrate user-friendly marketplaces in their platforms. The backing from Pantera Capital appears significant as the company is one of the top venture capital firms in crypto.
#NFT RARIFY SERIES#
NFT infrastructure startup Rarify has raised $10 million in Series A funding from Pantera Capital at a valuation of $100 million. Rarify’s valuation has shot up to $100 million following the latest funding round, as the firm works to provide scalable NFT APIs for the commercial sector.
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