Genesis issues $6M NFT-backed loan to Meta4 Capital -Breaking
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Genesis Global Capital completed a $6 million loan to Meta4 Capital (a Miami-based Web3-focused investment management company), that was solely NFT-backed. Not only is the loan large but also because it uses NFTs as collateral, instead of other liquid collateral. Meta4 works as an NFT VC backed in part by Andreessen Hoowitz. They specialize in the acquisition and preservation of historically significant NFTs.
The proceeds of Genesis’ loan were used to finalize Meta4’s purchase of three NFTs part of Sotheby’s Metaverse “Natively Digital” October NFT auction: the $3.4 million record-setting gold Bored Ape Yacht Club #8817, the Rare Pepe PEPENOPOULOS for $3.6 million and an NFT from FingerprintDAO’s Mitchell F. Chan for $1.5 million. These purchases served as bridge capital for Meta4’s Series B round, which was closed Dec. 1, at an undisclosed sum. Each item purchased was shared by all Meta4 investors.
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