NFT-Focused Metaversal Raises $50M in Series A

  • Founded in 2021, the company has already acquired over 750 NFTs and invested in startups that “are defining the future of the open metaverse”.
  • The fresh funding will help Metaversal expand its NFT portfolio, and support businesses that “enable the open Metaverse to thrive”.
nft and dollars


Non-fungible token (NFT) venture studio Metaversal has completed a $50 million Series A funding round co-led by CoinFund and Foxhaven, the company said in a press release on 4 January.

According to the announcement, the funding round was also joined by Collab+Currency, Dapper Labs, Digital Currency Group, Franklin Templeton, Rarible, Theta Blockchain Ventures, Galaxy Vision Hill, and others. Following the Series A, Metaversal will partner with NFT platform Rarible and Dapper Labs’ Flow blockchain, and “bring new projects to life” on them. The President and co-founder of Metaversal, Dan Schmerin, said in a statement.

“Our team remains laser-focused on execution, and this important financing milestone will meaningfully expand Metaversal’s curation and investment capabilities in 2022. We are incredibly excited by the array of investment opportunities in front of us, as well as the breadth of collaborations now underway with the world’s most recognizable brands and creators.”

The company also plans to use the newly acquired funds to expand its NFT-based business by acquiring high-profile NFT collectibles, supporting projects bootstrapped by its venture studio, and underwrite essential businesses that “enable the open Metaverse to thrive”. Founded in 2021, Metaversal has already acquired more than 750 NFTs and invested in technology startups that “are defining the future of the open metaverse”.

The digital art sector became mainstream in 2021, with NFT marketplaces generating an incredible amount of trading volumes in the last quarter of the year. OpenSea, one of the largest NFT marketplaces, was able to surpass $14 billion in trading volume in the last four months of 2021 alone, according to data from Dune analytics.

Related Coverage
Meta’s Metaverse Division Loses $2.8B in Q2
  • Mark Zuckerberg said that while Reality Labs had lost $2.8 billion in Q2, it had the potential to unlock “hundreds of billions of dollars” in revenue over time.
  • The same day, the U.S. FTC filed a lawsuit against Meta, alleging the company was trying to monopolize the entire metaverse market.
July 28, 2022, 11:13 AM
Facebook CEO Mark Zuckerberg

Meta CEO Mark Zuckerberg during press conference at VIVA Technology, Paris, France, May 24, 2018. Frederic Legrand/Shutterstock

Dubai Adopts New Metaverse Strategy
  • Introduced by crown prince Sheikh Hamdan, the new strategy hopes to attract more than 1,000 blockchain and metaverse projects, and support 40,000 virtual jobs by 2030.
  • Sheikh Hamdan pointed out that the “two key enablers of the metaverse”, virtual reality and augmented reality, have already created 6,700 jobs in the area, contributing $500 million to the UAE economy.
Blockchain, NFT, and Metaverse Included in Shanghai’s 5-Year Development Plan
  • One of the main points in Shanghai’s five-year development plan was metaverse, with the government planning to fund more than 100 firms focused on virtual reality.
  • The city will also encourage the development and application of “blockchain+” technology, and the promotion of NFT trading platforms.