Genesis issued a $6 million NFT-backed loan to Meta4 Capital

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Genesis Global Capital completed the first purely non-fungible token (NFT)-backed loan at a price of US$6 million. Meta4 Capital is a Miami-based Web3 investment management company. The distinguishing feature of this loan is not only its amount, but also that it uses only non-fungible tokens (NFT) as collateral, rather than including a wider range of liquid collateral. Meta4 is an NFT venture capital company backed by Andreessen Horowitz, specializing in the acquisition of presumed rare and historically significant NFTs.

Genesis’ loan proceeds were used to finalize Meta4’s purchase of three NFTs, which were part of the Sotheby’s Metaverse “Natively Digital” October NFT auction: $3.4 million in record gold Bored Ape Yacht Club #8817, Rare Pepe PEPENOPOULOS for 360 Ten thousand dollars and Mitchell F. Chan’s NFT from FingerprintDAO, worth 1.5 million dollars. These acquisitions served as bridge capital until Meta4 closed its Series B financing for an undisclosed amount on December 1. All Meta4 investors received a certain percentage of each procurement project.