Genesis approves a $6 million NFT loan for Meta4 Capital

Genesis approves a $6 million NFT loan for Meta4 Capital

One of Genesis Global Capital’s first completely NFT-backed loans, valued at $6 million, went to Meta4 Capital, a Miami-based Web3 focused investment management firm. This loan is noteworthy because of its amount and because it was secured solely with nonfungible tokens (NFTs) rather than broader liquid collateral. 

Meta4 is an NFT VC backed by Andreessen Horowitz that focuses on acquiring uncommon and historically significant NFTs. Meta4 used the monies from Genesis’ loan to acquire three NFTs from Sotheby’s Metaverse “Natively Digital” NFT auction in October. 

These deals served as a bridge to Meta4’s Series B round, which was completed on December 1 for an undisclosed sum. Each item obtained was divided evenly among all Meta4 investors.

NFT as unique collateral is being spearheaded by crypto native enterprises and protocols, Genesis and Meta4 Capital have agreed to lend money to help its asset class expand its financial offers for institutional investors.

The S&P 500 is close to its all-time high, but Bitcoin (BTC) is down over 30% from its all-time high of $69,000. Despite the steep dip, Bitcoin is still up 63 percent year to date, surpassing the S&P 500, which is up roughly 30% in 2021.

At $51,936.33, Bitcoin has risen beyond the overhead barrier. Short-term traders may have sold Ether (ETH) as it failed to stay above the 20-day EMA ($4,011). Binance Coin (BNB) has risen over the 20-day exponential moving average ($546). Gold, which is widely used as an inflation hedge, is down almost 7% this year.

The AAX crypto exchange, the first to employ the Satoshi Standard (SATS) to accelerate Bitcoin adoption, has announced its partnership for Animoca Brands, a blockchain gaming giant. Animoca Brands will be able to list some of its top-performing blockchain gaming tokens on the market as a result of this partnership.

AAX, on the other hand, has already begun accepting crypto deposits and withdrawals.

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