Metaversal, a Miami venture studio focused on non-fungible tokens (NFTs), plans to add more digital collectibles to its portfolio and invest in metaverse companies after completing a $50 million series A round.
The funding round was co-led by CoinFund, a crypto asset investor based in New York and Miami, and Foxhaven Asset Management, an investment firm headquartered in Virginia.
“Our team remains laser-focused on execution, and this important financing milestone will meaningfully expand Metaversal’s curation and investment capabilities in 2022," said Metaversal co-founder and president Dan Schmerin.
NFTs are unique digital assets that can represent anything from artwork to sports trading cards. Those assets are stored and verified on blockchain, where they can be bought, sold or traded.
NFTs blew up in 2021, when trading volume surpassed $10 billion. Some buyers spent millions on digital images; the auction house Christie's even sold a digital collage for a record $69 million last March.
Some investors believe NFTs will gain more utility — and value – with the advent of the metaverse, an immersive virtual world that individuals can access with virtual reality headsets.
Metaversal reports it has acquired more than 750 NFTs and was the first institutional investor in ConstitutionDOA, a consortium of crypto investors who attempted to purchase a first-edition copy of the U.S. Constitution.
"As an early investor in NFTs and Metaverse companies, CoinFund remains committed to leading in this arena by supporting Metaversal," said CoinFund founder and CEO Jake Brukham. "[The company's] dynamic team and combined curation and investment model give them unique visibility into opportunities within this rapidly growing ecosystem."
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