Mogo Inc (NASDAQ : MOGO), a digital payments provider and financial technology providers, announced Tuesday that they are entering the metaverse through an investment in NFT Trader. NFT Trader, a Canadian startup that operates an OTC peer-to-peer trading system for non-fungible tokens (NFTs), is an OTC platform. The company previously operated on Cool Cats projects like Bored Ape Yacht Club and Gutter Cat Gang.

Mogo shares rose by 4 percent in the wake of this announcement. David Feller (CEO of Mogo), stated that the announcement has brought about the enormous potential for digital payment provider Mogo.

The financial world is changing at an alarming pace. This is evident more than ever with Web3, Metaverse and NFTs.

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After the announcement, BTIG analyst Mark Palmer wrote to investors that Mogo’s investment was a logical extension of the platform. He expects that the stock will be well-received. He rates the stock now as a buy, with a $13 price goal. It currently trades at the $2.86 price level.

NFT Trader was first purchased by the business through a convertible loan. This note will convert to a 25% share in the company. Mogo might buy an additional 25% share within six months after the original investment. Mogo has also the right to nominate one director to NFT Trader’s board of directors.

Feller put it this way:

We believe that next-generation platforms for financial services will not only be able to bridge the gap between DeFi and conventional finance, but will also allow the integration of digital and physical worlds to become one of history’s most important development opportunities.

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