CoinFund set to launch new investment vehicle for NFTs

advertisement

CoinFund is doubling down on the non-fungible token (NFT) market with a new investment vehicle, head of portfolio growth Vanessa Grellet revealed on the most recent episode of The Scoop

Dubbed Metaversal, the new vehicle will serve as both a way for investors to bet on the overall market and as a development studio for NFT companies.

CoinFund  has been one of the NFT market's most prominent bulls to date. Now it's launching Metaversal despite the recent slump in usage across platforms for trading blockchain-based collectibles NFT-based art and other assets.

Grellet said despite the slump there's still "so much demand."

"Even though you see a slowing down in the consumption, I think we are going to see a lot of tools around lending, around the financialization of NFTs that are going to make the NFT space even larger than other spaces like DeFi, etcetera," she said.

CoinFund has already been very active in NFT market. The firm led Rarible's $14 million fundraise, which was announced earlier this month. It is also an investor in Dapper Labs, Genies, and NFTfi, according to its website

The NFT market saw breakneck growth earlier this year, with weekly trade volume soaring to nearly $200 million in late February. It stood at around $40 million the week of June 20. 

"NFTs are so much more than just the art, they’re so much more than just collectibles, think about contracts, think about other aspects of your life that are unique, anything that you can create an NFT out of," Grellet said. "So the sky's the limit.”

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More