- Unlockd, a protocol that allows users to borrow against their NFTs, has raised $4.4 million in a seed funding round led by Blockchain Capital.
- Funding will be used for a tier 1 auditor to ensure product and development, cross-chain expansion, protocol security, and marketing.
Sfermion, Spartan Group and Play Ventures were among the participants in this tour. Unlockd said the fund will be used for product and development, cross-chain expansion, tier 1 auditor and marketing to secure protocols.
Other Investors in the Round
- IDEO CoLab
- Bitscale, Sanctor Capital
- Eden Ventures
- Caballeros Capital
- Crypto Plaza
- Yield Guild Games (YGG)
- YGG SEA
- YGG founder Gabby Dizon took part as Angel Investors.
Founded by Jorge Schnura, founder of eSports club MAD Lions, and Carlos Otermin, who has a background in consulting, e-commerce and gaming guild management, Unlockd’s pooled liquidity model allows NFT holders to borrow against their NFT while continuing to use their NFT.
Unlockd’s eight-person team has a beta version on its testnet. And its protocol is passing inspection. It will launch the UI for the testnet in September and will launch on the mainnet in October.
At the initial stage of the launch, the protocol will support more than 25 NFT collections based on Ethereum. It will then expand to include more collectibles and Polygon NFT in the coming months.
Schnura said: “The other use case with guilds is that they pre-purchase assets from unreleased games. These assets are non-productive assets. They just buy at a discount. “The good thing about that is that you can now borrow money so you can get liquidity on these assets, and now they suddenly become productive assets.”
With the increasing popularity of crypto currencies in recent times, the NFT platform and digital assets are also attracting a lot of attention. The interest in NFTs that you cannot hold and feel is increasing day by day. And the NFT platform has also grown considerably. NFT technology, which attracts the attention of many curious people besides investors and artists, while any work of art can be easily copied in the digital environment, the fact that the work is owned by NFT also makes it clear who owns the rights to the work and that it is a work of art that cannot be copied.
In summary, Unlockd will add life to this NFT sector. It stands out as a protocol that allows users to borrow money against their NFTs.