Holding with focus on NFTs brings in USD 50 million in a financing round

The curator for digital assets Metaversal announced Tuesday that it had completed a $ 50 million financing round to further expand its investment capacity in the non-fungible token (NFT) and metaverses sectors.

The Series A funding round was jointly led by investment firms CoinFund and Foxhaven, with additional participation from Collab + Currency, Dapper Labs, Digital Currency Group, Franklin Templeton, Rarible, Theta Blockchain Ventures, Galaxy Vision Hill and others.

Metaversal said it will use the funding to grow its non-fungible token (NFT) business, including acquiring valuable digital collectibles and supporting projects that are about to begin. The funding has also enabled Metaversal to partner with the NFT Rarible platform and Dapper Labs’ Flow blockchain. Flow, which provides the infrastructure for NBA Top Shot and CryptoKitties, is supported by Google and Filecoin in addition to other well-known partners.

Holding with focus on NFTs brings in USD 50 million in a financing round
Holding with focus on NFTs brings in USD 50 million in a financing round

NFTs were a key factor in the success of cryptocurrencies and blockchain technology in 2021. The sector had sales of more than $ 14 billion for the year and, according to industry data, digital art collections and digital collectibles accounted for 91% of transactions. Although digital art has largely dominated the NFT market so far, that could soon change with the advent of music NFTs and fashionable collectibles.

NFT sales peaked in late August and early September. Source: NonFungible

Venture capital funds have also identified NFTs as a key growth vector, funding $ 2.1 billion worth of projects in the area through Q3 2021. According to PitchBook, Silicon Valley venture firm Andreessen Horowitz was responsible for nearly 40% of deal activity focused on NFTs. As Cointelegraph reported, hedge funds invested more than $ 17 billion in crypto and blockchain-focused startups in the first 10 months of 2021, more than three times the number in all of 2020.

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