By Kenny - Cryptocurrency Consultant - 31-12-2021
A well-known venture firm, Genesis Global Capital, is reportedly supporting Meta4 Capital with a large Non-Fungible Token loan. Meta4 is a crypto asset management business that focuses on the development of Web3. Genesis had used one of its first ever NFT loans with a total of $6 million to invest in Meta4. The loan is a bit of a head-turner, not necessarily due to the significant number, but because it’s unusually backed by NFT assets. NFTs are digital art tokens typically sold by artists or gaming companies. Investors can buy crypto art tokens to either sell for profit or to access exclusive games that are built using decentralised blockchain technology.
The crypto coin storage manager Meta4 had utilised the money to finalise acquisitions to buy three NFTs. More specifically, NFTs from the Sotheby’s Metaverse NFT auction event dubbed “Natively Digital.” The event held in the last quarter of the year had seen a record-hitting moment as Meta4 buys Bored Ape Yacht Club #8817 which had sold for $3.4 million. This was not the only NFT that Meta4 had bought at the event as they purchased a Rare Pepe PEPENOPOULOS for $3.4 million, and finally Mitchell F Chan’s Fingerprint DAO NFT for $1.5 million. The latest acquisitions are supporting the investment manager’s Series B funding round which had recently finished in early December.