NFT production and investment studio Metaversal has completed a $50m Series A funding round to further develop the metaverse environment and bolster its growing NFT portfolio.
The funding round was co-led by blockchain investment firm CoinFund and Foxhaven Asset Management, with further investment coming from Dapper Labs, Digital Currency Group and Rarible alongside an extensive array of prominent crypto investors.
The newly-raised capital will be used by Metaversal to fund additional NFT purchases for its growing portfolio, introduce “essential businesses” to the metaverse to encourage growth, and support Metaversal’s growing portfolio of venture studio projects.
Search results for ‘metaverse’ have spiked in recent months following increased interest in virtual environments
Metaversal said the funding round highlighted how the “metaverse ecosystem is rapidly scaling to support a vibrant creator economy” and disclosed that it’s planning on bringing a number of novel projects to life on platforms such as Flow and Rarible alongside many others.
To date, Metaversal has acquired more than 750 NFTs including various rare artworks from established creators, a rare ‘founder’ Cryptokitty and avatars from collections such as Creature World and RarePepe.
“We are thrilled to welcome some of the foremost blockchain and technology investors into our mission to invest in the infinite stories of our culture,” said Yossi Hasson, CEO and co-founder of Metaversal.
“At Metaversal, we do this through supporting the creators that are shaping culture and the future of Web3.”