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Genesis points $6M NFT-backed mortgage to Meta4 Capital By Cointelegraph

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© Reuters.

Genesis World Capital has accomplished one in every of its first purely nonfungible token (NFT)-backed loans for $6 million to Meta4 Capital, a Miami-based Web3focused funding administration agency. This mortgage is notable not only for its quantity however for solely utilizing nonfungible tokens (NFTs) as collateral as an alternative of together with broader liquid collateral. Meta4 operates as an NFT VC backed by Andreessen Horowitz, specializing in buying presumed uncommon and traditionally vital NFTs.

The proceeds of Genesis’ mortgage have been used to finalize Meta4’s buy of three NFTs that have been a part of Sotheby’s Metaverse “Natively Digital” October NFT public sale: the $3.4 million record-setting gold Bored Ape Yacht Membership #8817, the Uncommon Pepe PEPENOPOULOS for $3.6 million and an NFT from FingerprintDAO’s Mitchell F. Chan for $1.5 million. These acquisitions acted as bridge capital till Meta4 closed a Sequence B spherical on Dec. 1 for an undisclosed quantity. All Meta4 traders acquired a proportional share of every merchandise procured.