Sfermion, an NFT investment firm, has raised $100 million in funding from a number of prominent institutional investors and venture capital firms. Some of the participants include the Winklevoss twins, Marc Andreessen, Alan Howard, and Digital Currency Group (DCG).
Accelerating the Metaverse’s Emergence
According to a press release, Sfermion has completed its second fundraising round, dubbed Fund II. The $100 million will be used to capitalize on Facebook’s craze for the Metaverse – a decentralized virtual reality world where users can interact socially and economically.
So happy to announce that we raised $100m to back incredible mission-driven founders building in the NFT space
Since our launch in 2019, we have been solely focused on the NFT ecosystem with our guiding thesis that NFTs enable a true metaverse to formhttps://t.co/7rhWFivBb5
— Andrew Steinwold (@AndrewSteinwold) November 1, 2021
The new fund’s mission, according to Sfermion, will be to “accelerate the emergence of an open, decentralized metaverse by investing in the infrastructure that will be the foundation of our digital future.”
Andrew Steinwold founded Sfermion in 2019 as an investment firm focused on innovative projects in the NFT ecosystem. Their new goal is to help accelerate the emergence of the metaverse, which is thought to be the “next big thing” after the internet’s emergence in the late 1990s.
Having been focused on the NFT markets since 2019, it has been incredible to see our thesis that NFTs were the critical missing piece of technology required for the metaverse to come to fruition come to fruition. We established this fund with the belief that NFTs are the Trojan horse for crypto mass adoption and the next multi-trillion-dollar industry.” – reads the press release.
Facebook is kicking off the Metaverse.
Mark Zuckerberg announced a week ago that its corporation had been renamed Meta, transforming his social media empire into a fully digital metaverse organization. The crypto community was divided by the news, as it does not trust Facebook to build a massive virtual ecosystem, given the company’s practices with users’ private data and the spread of misinformation.
Shortly after Zuckerberg’s announcement, metaverse currencies such as Decentraland (MANA) skyrocketed 400 percent, reaching an all-time high of $4.16 on Saturday evening and currently trading at $2.94 at press time. The idea of interoperable virtual worlds, which allow users to interact with other digital landscapes, is thought to be driving the price increase. Other currencies, such as Sandbox (SAND) and Star Atlas (ATLAS), saw price increases of 23% and 22%, respectively.