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Genesis Global Capital has completed one of its first $ 6 million back-to-back (NFT) token loans to Miami-based Web3focused investment management company Meta4 Capital. This loan is notable for its amount, but only for its use as fungal token (NFT) as collateral, rather than the introduction of broader liquid collateral. Meta4 operates as a NFT VC-sponsored Andreessen Horowitz, specializing in the acquisition of rare and historically significant NFTs.
Genesis loan proceeds were part of Sotheby’s Metaverse’s “Natively Digital” NFT auction in October when Meta4 was used to complete the purchase of three NFTs: Bored Ape Yacht Club # 8817 # 8817 set a record $ 3.4 million, Pepe Pepe’s rare 3.6 million in exchange for dollars. and Mitchell F. Chan’s FingerprintDAO NFT for $ 1.5 million. These acquisitions acted as bridge capital until Meta4 closed a Series B round on December 1 in exchange for an unrecognized amount. All Meta4 investors received a proportionate share of each item acquired.
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