NFTfi Raises $6 Million in Funding Round Led by Placeholder VC
NFTfi, a non-fungible token (NFT) lending protocol, has successfully raised $6 million in its latest Series A1 funding round. The round was led by Placeholder VC, with participation from Maven 11, Launch Labs Inc, Kahuna Ventures, Brevan Howard, The LAO, Reciprocal, a_capital Ventures, Hash, Bloccelerate, Cypher Capital, and Longhash Ventures. This brings the total capital raised by NFTfi to $15 million, as the project had previously secured $5 million in a series A round in 2021.
Enhancing the dApp and Expanding Features
The newly acquired funds will be utilized by NFTfi to enhance its decentralized application (dApp). The team plans to introduce support for manual peer-to-peer loans and broaden the features of its software development kit (SDK). These improvements aim to enhance liquidity on the platform and provide a better user experience. Additionally, NFTfi aims to develop an open settlement layer specifically dedicated to NFT finance.
Impressive Loan Volume and Interest Earned
Since its launch in 2020, NFTfi has facilitated a total loan volume of $534 million. Lenders on the platform have earned over $15 million in interest. This highlights the popularity and success of the NFT lending protocol.
Collateralized NFTs on the Platform
- CryptoPunks
- Bored Ape Yacht Club
- Mutant Ape Yacht Club
- Art Blocks
- Autoglyphs
- Doodles
- Pudgy Penguins
- Azuki
- Clone X
- Otherdeed
Hot Take: NFTfi Secures $6 Million in Funding to Expand its Lending Protocol
NFTfi, a leading non-fungible token (NFT) lending protocol, has successfully raised $6 million in its latest funding round. The investment was led by Placeholder VC and saw participation from several prominent investors. This funding will allow NFTfi to enhance its dApp and broaden its features, improving liquidity and user experience on the platform. With a total loan volume of $534 million and lenders earning over $15 million in interest, NFTfi has established itself as a trusted and successful player in the NFT lending space. The projectโs focus on developing an open settlement layer dedicated to NFT finance showcases its commitment to innovation and growth in the industry.
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