Dragonfly and OpenSea back $10 million raise for NFT financing firm MetaStreet
The NFT debt provider MetaStreet has raised $10 million in fresh funding.
Investors in the round include DragonFly Capital, Nascent and Ethereum Ventures, who funded MetaStreet before. New investors participated as well, such as Fintech Collective, DCG, TheLAO, Focus Labs, Mirana Ventures, Metaversal, OpenSea Ventures, Ledgerprime, Meta4 and Flying Falcon.
Combined with $14 million total in seed funding acquired in February, MetaStreet’s total financing is now $24 million, according to a release shared with The Block.
The firm will use the funding to create trust, credit and ownership products to facilitate debt and build out the NFT industry’s debt infrastructure.
MetaStreet was founded in 2021 and provides liquidity and scaling infrastructure for NFT collateralization platforms. The firm aims to augment the NFT industry debt system by providing automated underwriting, mitigation waterfalls and other tools.
While not as hot as in 2021, this year’s NFT trading industry sees consistent interest, especially in the gaming sector. Weekly trade volumes exceeded $30 million in sales in the first week of October, The Block’s data shows.
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