Metaversal, the digital asset curator, has raised a $50 million funding round to further expand its investment capabilities in the nonfungible token (NFT) and metaverse sectors.
It has been reported that the Series A funding round was co-led by investment firms CoinFund and Foxhaven, with additional participation from Collab+Currency, Dapper Labs, Digital Currency Group, Franklin Templeton, Rarible, Theta Blockchain Ventures, Galaxy Vision Hill, and others.
Metaversal said that it will use the funding to expand its NFT-focused business, including acquiring high-profile digital collectibles and supporting projects that are being bootstrapped by its venture studio.
The funding also enabled Metaversal to secure partnerships with NFT platform Rarible and Dapper Labs’ Flow blockchain. Flow, which provides the infrastructure for NBA Top Shot and CryptoKitties, is also being supported by Google and Filecoin, among other notable partners.
Thus, NFTs were a major factor behind crypto and blockchain’s mainstream success in 2021. The sector generated over $14 billion in sales during the year, with digital art collections and digital collectibles accounting for 91% of transactions. While digital art has largely dominated the NFT market to date, that could soon change with the arrival of music NFTs and fashion-focused collectibles.