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Rarify’s valuation has risen to $100 million following the new fundraising round, as the company aims to create scalable NFT APIs for the commercial sector.

Rarify, a provider of NFT infrastructure, has secured $10 million in Series A investment from Pantera Capital at a valuation of $100 million.

Pantera Capital’s support looks important, considering the business is one of cryptocurrency’s leading venture capital firms.

Rarify’s principal service is an NFT-commerce-focused application programming interface (API) that allows businesses to establish and integrate user-friendly markets into their platforms. The API also enables the minting and transfer of NFTs between blockchains.

Rarify co-founder Revas Tsivtsivadze told Forbes on March 3 that its goal is to simplify NFT purchasing and selling in the same way that Square made it very easy to take payments.

Tsivtsivadze cited the check-out procedure of markets like OpenSea, which he said has like a 14-step process that could be reduced to as little as three stages.

The current fundraising round follows a $2 million seed round from late last year, including Pareto, Eniac Ventures, and Protocol Labs. The cash will be used to expand the firm’s employment base and create new products with its partners.

The firm now offers NFT embedding services, which allow website owners to incorporate simple NFT purchasing and selling functionalities into their websites, such as blogs or storefronts. Rarify is also developing a data API that can monitor NFTs across various blockchains, validate a user’s NFT profile image, and determine the worth of certain NFTs.

The investment in a new NFT startup comes at a challenging moment for the industry. The number of unique NFT purchasers on secondary markets fell by 12% in February, while NFT search volume on Google has plummeted by 60-70 percent since late January.

However, this may be only a hiccup since the market’s attention has recently switched to cryptocurrency use cases related to the continuing crisis between Russia and Ukraine. The circumstance has also directly hindered Rarify. According to Tsivtsivadze, four of the company’s 14 workers are now stationed in Ukraine, including the head of engineering and chief technology officer.

He stated that they are in “two of the hot places” in Kyiv and Kharkiv, but he has kept contact with them throughout.

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