The development of blockchain technology is radically changing our world, from digital art to mortgages. Investors are now pouring money into this supposedly the next big thing in our generation.
While the cryptocurrency market hasn’t seen any major breakthrough in months, non fungible tokens (NFTs), crypto mortgages, or blockchain-powered cellular networks and Web3 gaming are still gaining a lot of attention from venture capitalists. They are now considered blockchain’s most promising value plays.
NFT fund receives $30 million
Andreessen Horowitz’s venture capital firm was reported to have invested in a new nonfungible token fund – Curated. The fund is worth $30 million and was created solely for the purpose of purchasing and holding NFT artwork. Marc Andreessen, Arianna Simpson, Chris Dixon and Andrew Chen as well as John Lai are key investors in the fund. With inflation creeping up, people are turning to NFTs and traditional art as stores of value. (a16z has been closely watching NFTs since at least 2020, which is a long time ago given how much the crypto industry has evolved today.)
How are crypto marketplaces and NFTs changing the game for creators? Listen to our Q&As with artists @muratpak and @sigggnasty for an intro to the token-based creator economy: https://t.co/Lj42leSkfa
— a16z (@a16z) November 22, 2020
A $17M funding for crypto mortgage lender
Milo, a crypto-focused fintech startup, has succeeded in raising $17 million in Series A funding from M13, QED Investors and MetaProp. It is planning to invest this funding on the advancement of its product offerings. This includes a 30-year crypto mortgage that allows users to use their digital assets as collateral for their home loans. Milo’s 30-year mortgage was launched last January, and it has received over 7,400 applications. Their first product was a mortgage solution for expats and it processed $500 million in applications from over 90 countries.
Neobank Lunar raises $77M
Lunar, a scandinavian neobank, has laid out plans to introduce a new cryptocurrency platform and B2B service after raising $77 million. The bank is valued at $2 billion. In this first stage, their crypto trading service will focus on 5 assets: Bitcoin (BTC), Ether (ETH), Cardano (ADA), Polkadot (DOT) and Dogecoin (DOGE). Lunar is already calling for investment for the next funding round, which is expected to close in May. The company’s ambition is to expand to more consumer-oriented sectors.
FreedomFi receives $9.5M to develop 5G
Meanwhile, FreedomFi, a crypto-friendly 5G developer, has raised $9.5 million in funding to develop a Web3 platform where users will be able to crowdsource small cell networks with their digital assets. In their Series A round, they received funding from Blueyard Capital, Qualcomm Ventures as well as Samsung Next. FreedomFi’s partnership with the Helium blockchain in 2021 marked their entrance into the digital asset market. This newly formed alliance is expecting to advance wider adoption of cellular base stations for consumers.
Web3 platform Joyride closes seed round with $14M
Web3 gaming platform Joyride Games also received a $14 million seed round from major venture funds like BITKRAFT Ventures, SuperLayer, Coinbase Ventures, Animoca Brands, Dapper Labs and Solana Ventures. Their platform’s targets are developers who wish to build esports and social games powered by blockchain. Joyride Games announced that it is planning to launch its first gaming projects on its own platform in the near future.
Crypto Unicorns receives $26M token sale
Laguna Games, a Web3 game developer, has recently completed a $26 million token sale for Crypto Unicorns – a Polygon-based NFT collection. TCG, Backed VC, ACME Capital, BITKRAFT Ventures, Delphi Digital, Polygon Studios and CoinFund are the biggest buyers. According to the company, the funding will be allocated to the Crypto Unicorns DAO Treasury. However, over time, it will be the community members that can govern these funds.