Metaversal Completes $50 Million Series A Funding, Here’s What It Plans To Use It For
On Tuesday, NFT-based holding firm Metaversal announced the completion of a $50 million Series A funding round. And according to the digital assets curator, the fund will further strengthen its ability to invest in the nonfungible token (NFT) and metaverse sectors.
While the funding round was co-led by investment firms Foxhaven and CoinFund, it also saw participation from Rarible, Dapper Labs, Franklin Templeton, Galaxy Vision Hill, Theta Blockchain Ventures, Collab+Currency, and some others.
Metaversal To Use Fund For Expansion of NFT-based Business
According to Metaversal, the fund raised will be used towards the expansion of its NFT-focused business, which includes the collection of high-profile digital collectibles. The firm also promises to use the remaining part of the fund to support projects that are being managed and nurtured by its venture studio.
It is important to note that this funding might have opened up Metaversal to valuable partnerships, especially with notable NFT platform Rarible and Dapper Labs’ Flow blockchain.
For instance, the Flow blockchain provides backing for the popular NBA Top Shot, while CryptoKitties, also has the support of Google and Filecoin, to mention only a few notable partners.
Venture Funds Continue To Get Drawn By NFTs
Truly the crypto industry enjoyed massive success in 2021, but it was all thanks to NFTs, which generated no less than $14 billion from sales in the year. Meanwhile, industry data suggest that, of the $14 billion sales that happened in the NFT sector through the year, digital art collections and digital collectibles account for a whopping 91%.
But even though digital art has continued to dominate the NFT market to date, the arrival of fashion-based collectibles and musical NFTs on the scene might be changing the status quo soon enough.
Venture funds continue to pump money into the NFT sector having identified NFTs as a major growth driver. In fact, by Q3 2021, venture funds had reportedly funded projects in the sector to the tune of $2.1 billion.
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