The DeFi project MetaLend will use NFT-backed loans to grow further in the play-to-earn sector and give gamers a way to tap new sources of liquidity so let’s read more today in our latest cryptocurrency news today.
Venture capitalist money continues to enter the DEFI space and today, the DeFi project MetaLand announced that it close $5 million seed round by Pantera Capital. Also took part in the round are Collab-Currency partner and SKy Mavis board member Stephen McKeon and blockchain gaming guild Ancient8 and angel investor and Metastreet co-founder David Choi.
MetaLend said the $5 million will go to product development and brought on some new talent and ramped up the marketing efforts. The protocol is now in closed beta and experts are to launch in the second quarter of 202. founded in 2021 by Sudjeev Singh and Nikhil Bharadwaj, the DeFi project MetaLend will focus on providing financial services in the GameFi sector and it is the niche of centralized finance focused on the play to earn blockchain games such as Axie Infinity. Players can earn crypto and rewards as they complete tasks and battle other players.
metaLend co-founder Sudjeev Singh said that the ETH-based protocol will enable users in the gaming NFT sector to put the assets to work as collateral for loans. The borrowers can continue playing and will generate assets with their NFTs as they do while MetaLend said it will work with gaming guilds to support the capital needs and the growth of the businesses and individual paly to earn NFT owners looking to enter the liqudity they need. Pantera Capital partner Paul Veradittakit said:
“MetaLend allows NFTs to be utilized and leveraged in a new way that brings value to the entire play-to-earn ecosystem.”
Signh noted that MetaLand solves huge problems for most wallets which are mainyl used to manage these play to earn NFTs:
“We realized that there was no financial tooling available for these asset owners and no bank that would accept these gaming assets as collateral for loans. In the long term, we believe NFTs will represent everything from intellectual property to physical land ownership via NFTs. We see MetaLend becoming the bank for asset owners of the new digital economy.”
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