Thursday, June 20, 2024

Sfermion has secured a $100 million investment for its NFT and metaverse operations

Chicago-based investment firm Sfermion has bagged funding worth $100 million for accelerating its NFT operations. The funds have come from leading crypto investors including Tyler Winklevoss, Chris Dixon and venture capital firm CMT Digital.

Sfermion was established by Andrew Steinwold in the year 2019 with the aim to facilitate the development of the NFT ecosystem. The firm strives to fulfil its objectives by strategically capitalizing on emerging projects and innovative technologies within the NFT domain.

NFT – Non-Fungible Tokens are opening doors to lucrative investment opportunities across a wide range of decentralized markets. Sfermion firmly believes that NFTs will serve as the fundamental foundation for the fruition of metaverse.

Metaverse will be powered by NFTs

The previous investment raised by the firm, titled Fund I, was solely aimed at making investments in the NFT sphere. However, the latest 7-figure investment is bound to be used for kickstarting the emergence of decentralized finance. It is believed that the metaverse boom will by powered by Non-Fungible Tokens.

The investment comes a week after the crypto world witnessed the transformation of social giant Facebook into metaverse. While NFT assets have long been the prime focus of Sfermion, the investment firm is now planning to use its recent funding to tap into the metaverse space.

With people spending most of their time in virtual environments, companies globally are working hard to build the eventual metaverse. Since the metaverse ecosystem is undergoing rapid expansion, it is quite likely that the growth of NFTs will supercharge in the coming decade.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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