Home News NFT-focused investment firm Metaversal raised $50M

NFT-focused investment firm Metaversal raised $50M

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Non-fungible token (NFT)-focused venture studio and an investment firm Metaversal announced raising $50 million in The Series A funding round.

Thus, CoinFund and Foxhaven jointly led the funding round. Collab+Currency, Dapper Labs, Digital Currency Group, Franklin Templeton, Raible, Theta Blockchain Ventures, Galaxy Vision Hill and others also participated in the round.

Furthermore, the funding will go toward expanding its NFT-focused business. In addition, Metaversal plans to acquire high-end digital collectibles and support its venture studio launched projects.

Over the past year, NFT-projects attracted billions of dollars in venture funding

The funding also allowed Metaversal to secure partnerships with Rarible NFT platform and Dapper Labs’ Flow blockchain. The latter provides infrastructure for CryptoKitties and NBA Top Shot. As well as backed by Google and Filecoin, among other well-known partners.

Over the past year, projects with NFTs have attracted billions of dollars in venture funding, which underscores the increased demand in the sector.

In 2021, NFTs had a significant role in the success of cryptocurrencies and blockchain. Sales in this sector topped $14 billion last year, with digital art collections and digital collectibles accounting for 91% of all transactions, according to nonfungible data. While digital art has generally dominated the NFT market to date, with the introduction of NFT music and fashion-focused collectibles, this may soon change.

Collins Dictionary recognized NFT as word of 2021

Recall that previously, the Collins Dictionary of English language recognized the abbreviation NFT as the word of 2021. Moreover, the shortlist of nominees included the words “crypto” and “metaverse”. The definition of NFT in Collins sounds like “a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectible”.

The dictionary also noted that users have spent millions of dollars on NFTs that have entered the mainstream.

Earlier in May 2021, the American Merriam-Webster dictionary added a definition of a non-fungible token. Also, sold it as an NFT at auction on the OpenSea platform; for 15 ETH (about $55,000 at the exchange rate at the time of the transaction).

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