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

NFT venture studio Metaversal raised $50 million in a Series A funding round that was led by CoinFund and Foxhaven Asset Management and that included Franklin Templeton, the company announced Tuesday.

• The non-fungible token firm says it will use the funding to increase its portfolio and support companies working toward building an open metaverse.
• Interest in NFTs is rising again with projects like Bored Ape Yacht Club eclipsing $1 billion in all-time sales on Tuesday.
• For context, Metaversal was the first institutional investor in ConstitutionDAO and has collected more than 750 NFTs to date.
• Collab+Currency, Dapper Labs, Digital Currency Group (DCG) and Rarible were also participants in the funding round, according to a press release. (DCG is the parent company of an editorially independent CoinDesk.)
• The venture studio plans to collaborate with Dapper Labs, creator of the popular NFT platform NBA Top Shot, and Rarible, an NFT marketplace, the press release said.
• “We are thrilled to welcome some of the foremost blockchain and technology investors into our mission to invest in the infinite stories of our culture,” Yossi Hasson, CEO of Metaversal, said in the statement.

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