NFTfi Blazes To New Heights With $890K Investment Raise

By Evelina Lavrova

February 26, 2021

NFTfi, a simple peer to peer marketplace for NFT collateralized loans, recently announced that it has closed an $890K seed round from leading investors in the NFT space. 

The platform allows users to leverage their NFT assets as collateral for loans, or to offer loans to other users for their non-fungible tokens. NFTfi has facilitated more than $1.5 million dollars in loans since it’s public beta was launched in June 2020. 

The largest investors of $890K round were CoinFund and 1KX, also VC funds with deep experience in the NFT and DeFI space such as Collab+Currency, Maven 11 and The LAO. Animoca Brands also participated in the round as a strategic investor. The remaining participants were the NFT leading builders and collectors including Roham Gharegozlou, CEO of Dapper Labs, the creators of NBA Top Shot and CryptoKitties, Sebastien Borget, COO of The Sandbox and others. 

Source: NFTfi

Commented Stephen Young, founder and CEO of NFTfi: 

“NFTs are a foundational building block of the emerging virtual economy. Making digital items truly ownable for the first time unlocks a world of possibilities that we are only just beginning to explore. With this investment, and more importantly, the phenomenal people who are backing us, we will be at the forefront of the financialisation of NFTs,” 

NFTfi’s stated intention for the funding is to expand the capabilities of the platform, add support for additional blockchains like Flow and to fund the development of a governance token to enable community ownership in the platform. 

Says Jake Brukhman, Founder and Managing Partner of CoinFund

“NFTfi is at the forefront of a trend that is poised to take the NFT space, and broader blockchain adoption, by storm. They are one of the first companies working on the financialization of NFTs, in particular NFT-based collateral for loans and resulting price discovery. NFTfi’s work further underscores that NFTs is an up and coming financial asset class.” 

Lasse Clausen, Founding Partner of 1KX added: 

“As NFTs re-imagined how we produce and define ownership of digital content online, we’ll also in turn begin to re-imagine a whole new category of financial services based on these new building blocks. NFTfi is one of the first products out there that aims to serve this new emerging economy.”

Stephen McKeon, Managing Partner of Collab+Currency agreed that the market for lending against assets like art and real estate is in the trillions of dollars and that NFTfi is leading the charge in mapping lending products to the crypto-equivalents within the NFT space.

“NFT’s are quickly rising as a new type of asset in which we can capture the value of any unique form, content or ownership. Further utilisation of this, through using it as collateral, is an inevitable step. As the digital ownership economy grows so does financialization of NFT’s. NFTfi is perfectly positioned to capture this market and we are proud to be backing Stephen and his team,” concludes Balder Bomans, Managing Partner of Maven 11 Capital.

Tags : cryptoDigital LoansDigital MoneyInvestment CrowdfundingNFT

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