- NFT-focused investment and venture studio Metaversal raised $50 million in Series A funding.
- The funding round was led by notable blockchain-centric venture capital firms CoinFund and Foxhaven.
- Metaversal plans to use the funds to buy collectibles and finance NFT projects.
NFT-focused investment and venture studio Metaversal has completed a $50 million Series A funding, led by top crypto venture capital firm CoinFund and Foxhaven. The studio will use the funds to purchase collectibles and finance NFT strategic projects.
Metaversal said it will also be on the lookout for partnership opportunities with other NFT industry players like Rarible and Dapper Lab’s Flow Blockchain.
Other blockchain-centric venture capital firms participating in the funding round included Dapper Labs, Rarible, Digital Currency Group, Collab+Currency, Franklin Templeton, Galaxy Vision Hill, Narwhal Ventures, and NGC Ventures.
CoinFund’s investment in the NFT-space stretched beyond the latest funding round. The firm previously invested in Rarible and Dapper Labs, before coming up with the idea of its latest project, Metaversal.
Metaversal offers investors an opportunity to bet on the overall market whilst also allowing NFT companies to launch their own projects. The studio has been in incubation since launching in June last year.
Speaking at the time during which NFTs had slumped to shed the gains experienced earlier in the year, the Head of Portfolio Growth at CoinFund, Vanessa Grellet said, “even though you see a slowing down in the consumption, I think we are going to see a lot of tools around lending, around the financialization of NFTs that are going to make the NFT space even larger than other spaces like DeFi, etcetera.”
Last year’s explosive growth of the non-fungible token market would seem to echo Grellet’s views after the industry rocketed to a cumulative transaction volume of more than $17 billion.
A lot of the trading activity continues to take place on the leading NFT marketplace, OpenSea, which based on its latest funding round is now valued at about $13.3 billion.
Therefore, Metaversal, Series A funding comes at an opportune time when the NFT market is booming.
In addition, OpenSea’s industry-leading marketplace, top crypto exchange platforms have also launched their own marketplaces for non-fungible tokens, with mainstream e-commerce platforms like Shopify also announcing plans to join the industry.
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