Metaversal, an investment firm and venture studio focused on non-fungible tokens (NFTs), announced Tuesday that it raised $50 million in Series A funding.
CoinFund, a US-based crypto-focused investment firm, and the investment partnership Foxhaven Asset led the funding round, which had additional participation from Dapper Labs, Rarible, Digital Currency Group, Collab+Currency, Franklin Templeton, Galaxy Vision Hill, Narwhal Ventures, NGC Ventures and others.
Metaversal intends to use the new funding to bolster NFT-related business strategies such as acquiring digital collectibles, funding NFT-focused projects and partnering with others in the NFT industry like Rarible and Dapper Labs' Flow blockchain.
CoinFund revealed its bid to create Metaversal last year. The idea was to let investors bet on the NFT market and help develop NFT-focused firms, as The Block previously reported. CoinFund also previously invested in Rarible and Dapper Labs.
The NFT trading volume surpassed $13 billion in 2021, and their potential use cases expanded to include being used as collateral in loans and including additional assets upon sale such as a business.