Recently, NiftyApes announced that the company had raised $4.2 million in its seed round. The seed round, which raised $4.2 million, was led by Variant and FinTech Collective. In addition, names such as Robot Ventures, Polygon, Coinbase Ventures, The LAO, FlamingoDAO, Ryan Sean Adams, David Hoffman, Eric Conner, Anthony Sassano, Cyrus Younessi, DC Investor, James Young, James Duncan, Nadav Hollander, Brendan Forster were included in the round. Besides, SuperRare and Rarible’s founders were there.
What NitfyApes ?
NiftyApes is a project that has been implemented for people to easily access liquidity when they need it, and it does this using NFTs. NiftyApes is a smart contract system that allows NFT holders to access instant liquidity using the NFTs they hold as collateral.
NiftyApes smart contracts are flexible and allow lenders to create loan offers with any combination of Principal, Duration, APR.
The always-on loan auctions with NiftyApes progress towards fair market values of assets along a risk-adjusted timeline.
NiftyApes provides positive aggregate benefits to users, lenders, borrowers and partners through its smart contracts. In short, it is a protocol based on a win-win basis. In the Protocol:
- The borrower wins by locking the NFT they hold and obtaining the most suitable liquidity instantly.
- Lenders put their capital into the system to make a profit. They can bid on an asset or collection they want or like.
- Commons and public benefit projects receive 1%+ of NiftyApes revenue.
Project developers who want to turn debt into a public good ensure that both the borrower and the lender benefit from market competition.
Commenting on the investment round, Kevin Seagres, CEO of NiftyApes, said: “Prior to working in crypto, I spent time working on secondary debt markets products in the mortgage industry. I have a passable understanding of how they work; namely, they don’t. Not well anyway, and especially not for the borrower. It’s shocking to see the same inefficiencies in the mortgage industry redeveloping in crypto, especially around NFT lending.” And he added “Kevin, my cofounder, is a blockchain engineer with a passion for novel economic models that can lead to greater equality, prosperity, and cooperation. When we met during my time at ConsenSys, starting a company together became inevitable. And the NFT market presented the perfect testing ground for our ideas.”
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