Coinbase Ventures participates in $4.2 million funding round for NiftyApes 

Quick Take

  • NiftyApes raised $4.2 million in seed funding led by Variant and FinTech Collective, with participation from Coinbase Ventures. 
  • NiftyApes allows users to get loans on any NFT collection. 
  • The firm joins an increasing number of NFT-focused debt financiers receiving venture capital interest. 

NiftyApes, a firm that lets users take out loans on any NFT collection, has raised $4.2 million in seed funding. 

The firm joins a trend of NFT-focused debt financiers receiving interest from venture capitalists.

Variant and FinTech Collective led the round. Additional participants include Robot Ventures, Polygon, Coinbase Ventures, The LAO, FlamingoDAO, Ryan Sean Adams, David Hoffman, Eric Conner, Anthony Sassano, Cyrus Younessi, DC Investor, James Young, James Duncan, Nadav Hollander and Brendan Forster. 

NiftyApes will use the funds to grow its team and continue expanding the firm, founders Zach Herring and Kevin Seagraves told The Block. 

NiftyApes intends to augment the secondary debt economy for NFTs, moving it away from the predatory lending practices that benefit the wealthy in web2 settings. NiftyApes intends to do this through facilitating market competition to refinance an NFT loan automatically. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Another NFT-focused debt financing firm to recently receive funding is MetaStreet, which raised $10 million on Oct. 13 with help from OpenSea and Dragonfly Capital.

While NFT floor prices have fallen due to the bear market, so-called blue-chip NFTs, or popular NFT projects, remain highly valuable, making them as attractive an asset to use on collateral in the debt economy. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.