As investment floods into the NFT space, another exciting project, NFTfi, has secured an investment of $890 000 from leading investors in the NFT space. Some of the investments come from top VC firms such as Coinfund, 1KX, Collab + Currency, Maven 11 and The LAO.
NFTfi is going to use the funding to expand the capabilities and functions of the platform, add support for other blockchains like Flow, and also fund the development of a governance token to enable community ownership in the platform. Read here for more detailed information on these updates.
Founder and Managing Partner at CoinFund, Jake Brukhman, is a huge supporter of NFTfi and says that “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.”
NFTfi is a marketplace that allows borrowers to post digital items as collateral, not too dissimilar from DeFi’s lending giants Aave and Compound. But instead of using fungible collateral such as stablecoins or ETH, it uses NFTs. Congratulations to the entire NFTfi team!
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.