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Metaversal is a digital asset curator that focuses on Non-Fungible Tokens (NFTs) projects. On Tuesday, the firm announced that it has completed its ongoing capital raising round. Notably, in the latest round the firm has raised $50 million. According to the official announcement, NFT-focused holding will further expand its investment capabilities in crypto collectibles and metaverse ecosystems. It is incredible to see how NFTs projects are raising billions of dollars in venture funding over the past year. The scenario highlights the heightened demand for the industry.
CoinFund led the Metavarsal’s funding round
Metaversal has successfully raised $50 million in the latest Series A capital accumulation round. Now the firm aims to expand its investment capabilities in one of the crypto ecosystem’s most innovative sectors.
It is notable that the funding round was co-led by CoinFund and Foxhaven investment firm. In addition to that, other ventures also participated including Collab+Currency, Dapper Labs, Digital Currency Group, Franklin Templeton, Rarible, Theta Blockchain Ventures, and Galaxy Vision Hill.
Metaversal will now expand its operations
According to the announcement, the firm will use the latest raised funds to expand its NFTs business. Notably, Metaversal will now acquire high-profile digital collectibles and supporting projects. Such projects would be bootstrapped by the firm’s venture studio.
Moreover, the latest find enabled the firm to secure partnerships with Non-Fungible Token platforms like Rarible and Dapper Labs’ Flow blockchain. The blockchain firm will offer the infrastructure for NBA Top Shot and CryptoKitties. The project will be supported by Google and Filecoin among other notable partners.
NFTs are the major driver of crypto and blockchain
The craze for NFTs and how the millennial crypto arts were sold for millions of dollars last year have explained the potential of the industry. According to market experts, these digital collectibles are the major factor behind the cryptocurrency and blockchain’s mainstream success. The NFTs industry has already generated more than $14 billion in sales over the year, with digital art collections and digital collectibles accounting for more than 91% transactions.
Many are bullish over the sector as this year could witness more mainstream attention. According to enthusiasts, digital art has largely dominated the NFT market till date, and could soon change with the arrival of music NFTs and fashion-focused collectibles.
