Quick take:
- The fundraising also attracted participation from Maven 11, Launch Labs, Kahuna Ventures, Brevan Howard, Hash, Longhash Ventures and others.
- The company is also developing an open settlement layer dedicated to NFT finance.
- NFTfi said the fundraising brings the total raised to $15 million.
NFT lending protocol NFTfi has completed a $6 million Series A1 round led by Placeholder VC, with participation from Maven 11, Launch Labs Inc, Kahuna Ventures, Brevan Howard, The LAO, Reciprocal, a_capital Ventures, Hash, Bloccelerate, Cypher Capital and Longhash Ventures.
According to NFTfi, the latest fundraising brings the total raised to $15 million. The company completed a seed round of $5 million in November 2021, during the NFT boom. NFTfi has since evolved to become a mainstay in the NFT lending market with a total loan volume of $534 million.
The company plans to use the fresh capital to revamp its decentralised app by adding support for manual peer-to-peer loans and broadening its SDK features, The Block reported.
According to the announcement, NFTfi also plans to develop an open settlement layer dedicated to NFT finance.
The company has paid over $15 million in interest to date to lenders on its platform, earned from more than 56,000 loans. Some of the notable NFT collections used to secure loans on the platform include Yuga Labs’ Bored Ape Yacht Club, Otherdeed, Mutant Ape Yacht Club, CryptoPunks, Art Blocks, Autoglyphs, Doodles, Pudgy Penguins, Azuki, and Clone X.
Peer-to-peer NFT lending protocols allow borrowers to browse listed offers that match their requirements, while lenders can loan requests and their matching collaterals. They have emerged as an alternative liquidity provider for holders of non-fungible tokens, allowing users to access cash whilst still retaining ownership of their assets.
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