Just as the Metaverse is coming to life, Metaversal announces a $50 million Series A fund co-led by CoinFund and Foxhaven Asset Management. Co-founder and CEO Yossi Hasson expressed his joy at the oversubscribed round in a tweet that also demonstrated the openness of the crypto space and the power of connections.
A chance call to @jbrukh in early 2021 to ask a question about fractionalizing an NFT led to a detailed conversation about investing in the metaverse & @HelloMetaversal was born. Today I’m incredibly excited to announce our $50m Series A round co-led by @coinfund_io & Foxhaven. https://t.co/0znnqLAQ9G
— yossihasson.eth 🐘 (@yossihasson) January 4, 2022
The Series A round was led by CoinFund and Foxhaven but included other well-known investors in the space: NBA Top Shot and Flow blockchain creator Dapper Labs, Digital Currency Group, Galaxy Vision Hill, Rarible marketplace and NGC Ventures.
Metaversal invests in companies and creators building the open metaverse. Their team is focused on helping projects become communities and empowering NFT creators to bring their stories to life. Connecting capital with creators, Metaversal understands the importance of co-producing NFT projects to build the open, decentralized metaverse.
Founded in 2021 by CEO Yossi Hasson and President Dan Schmerin, Metaversal invests in potentially high-value NFT collectibles, with over 750 NFT collected. The firm has collected NFTs from the artist FEWOCiOUS, a rare founder’s CryptoKitties NFT, and pieces from the Rare Pepes project, as well as a Noun NFT.
Besides investing in individual NFTs, however, Metaversal also invests in and co-produces NFT-driven projects. The firm has invested in projects such as Holaplex, an NFT storefront builder on Solana, as well as media outlet NFT Now and cannabis-focused Far Tech Ventures.
NFTs were one of the most talked-about digital assets in the last 12 months. Investment is continuing to pour into this space at an incredible speed. As the race to build out districts and assets within the metaverse heats up so too will the need for a collaborative approach to NFTs that will feature as a key component of these new virtual worlds.
While many of the notable NFT collectibles purchased by Metaversal are minted on Ethereum, currently the leading blockchain network for NFTs, the firm is focused on supporting an open metaverse across multiple blockchains. Metaversal also plans to build on Flow and Tezos.
In any other scenario, it may be surprising that this funding was closed so quickly. However, the world of crypto moves at a rapid pace and the investors realise the potential of new projects to easily access market opportunities is rife. Best of luck to Metaversal as they embark on projects that will expand the metaverse and may the congenial nature of the industry outlast any of the negative commentaries.
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