CoinFund, Franklin Templeton Back Metaversal in $50M Funding Round

Metaversal, an NFT venture studio, has raised $50 million in a Series A funding round led by CoinFund and Foxhaven Asset Management. The funding round also included participation from Franklin Templeton, Collab+Currency, Dapper Labs, Digital Currency Group (DCG), and Rarible. Metaversal plans to use the funding to expand its NFT portfolio and support companies involved in building an open metaverse.

Metaversal was the first institutional investor in ConstitutionDAO and has amassed a collection of over 750 NFTs. The venture studio aims to collaborate with Dapper Labs, the creator of NBA Top Shot, and Rarible, an NFT marketplace. The funding comes at a time when interest in NFTs is on the rise, with projects like Bored Ape Yacht Club achieving over $1 billion in all-time sales. Metaversal intends to invest in the diverse stories and cultural impact represented by NFTs with the support of prominent blockchain and technology investors.

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