Metaversal announces $50 million Series A fund led by Coinfund and Foxhaven
Yossi Hasson, co-founder, and CEO of Metaversal tweeted the announcement of the oversubscribed Series Around of $50 million. Hasson, through his tweets, also expressed the openness of the crypto space.
In the wake of the popularity of Metaverse, the funding was co-led by CoinFund and Foxhaven AssetManagement, by positioning itself as an investor in the space, along with other well-known names. These include Dapper Labs, creators of NBA Top Shot and Flowblockchain, Digital Currency Group, Galaxy Vision Hill, Rarible marketplace, and NGC Ventures.
In a statement, MetaversalCEO Yossi Hasson said, “We are thrilled to welcome some of the foremost blockchain and technology investors into our mission to invest in the infinite stories of our culture.”
Using the funding, the non-fungible token firm plans to expand its portfolio and bolster its support for companies that hope to build an open metaverse.
The firm was founded by Yossi Hasson and Dan Schmerin in 2021 and has accumulated over 750 NFTs. The firm has NFTs from FEWOCiOUS, CryptoKitties, Noun NFT, and Rare Pepes. Additionally, Metaversal invests in and co-produces a range of NFT-related projects, including NFT projects like Holaplex, NFT Now, and cannabis-relatedFar Tech Ventures.
Projects like Bored ApeYacht Club broke the $1 billion mark in sales on Tuesday, which is a sign that interest in NFTs is once again on the rise.
A total volume of $13billion was traded on the NFT exchange in 2021, and their potential use cases grew to include providing collateral for loans, in addition to assets upon sale.
CBW - External Analyst