Genesis Global Capital completed a $6 million loan to Meta4 Capital (a Miami-based investment management company that focuses on nonfungible tokens) as its first fully-nonfungible token-backed loan. The loan’s amount is noteworthy, but it also uses nonfungible tokens as collateral. Meta4 works as an NFT VC backed in part by Andreessen Hoowitz. They specialize in purchasing NFTs that are historically and rare.

The proceeds of Genesis’ loan were used to finalize Meta4’s purchase of three NFTs that were 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 transactions served as bridge capital to Meta4 until it closed its Series B round in December 1st for an undisclosed amount. Every item acquired was proportionally shared among all Meta4 investors.