Animoca Brands announced that it has invested in NFTfi, a P2P marketplace for secured loans with NFTs.
Animoca Brands is a well-known digital entertainment company, specializing in gamification, blockchain and artificial intelligence technologies.
It has developed and published a broad portfolio of products, including games such as The Sandbox, Crazy Kings and Crazy Defense Heroes, the REVV and SAND tokens, as well as products using popular intellectual properties such as Formula 1®, Marvel, WWE, Garfield, Snoopy, Power Rangers, MotoGP™, Formula E and Doraemon.
It also has a large portfolio of blockchain partnerships and investments, including Lucid Sight, Dapper Labs (the creators of CryptoKitties), WAX, Harmony and Decentraland.
The company is based in Hong Kong, the US, South Korea, Finland, Argentina and the Czech Republic, and its subsidiaries include The Sandbox, Quidd, Gamee and nWay.
It has now also decided to enter the marketplace for loans backed by NFTs, entering as a strategic investor during the fundraising round for NFTfi Genesis Limited.
NFTfi, the marketplace for NFT loans
NFTfi is a peer-to-peer marketplace for issuing or taking out loans secured by non-fungible tokens (NFTs).
On this marketplace, users can lend or borrow wETH (wrapped Ether) or DAI using NFTs as collateral.
Since the launch of its public beta in June, NFTfi has already lent over $1.5m.
In the current funding round, it has raised a total of $890,000 from several venture capitalist firms with NFT and DeFi experience, including Coinfund, 1KX, Collab + Currency, Maven 11 and The LAO. Other investors included Animoca Brands, and some of the leading NFT creators and collectors, including Roham Gharegozlou (CEO of Dapper Labs, the creators of NBA Top Shot and CryptoKitties) and Sebastien Borget (COO of the game The Sandbox).
NFTfi will use this funding to expand the platform’s capabilities, add support for additional blockchains, including Flow, and fund the development of a governance token to enable community ownership within the platform.