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Non-Fungible Technologies Raises $2.75 Million to Build Pawn.fi, Trustless Loan and Escrow Platform for NFT Assets

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Non-Fungible Technologies Raises $2.75 Million to Build Pawn.fi, Trustless Loan and Escrow Platform for NFT Assets

May 18
19:12 2021
Non-Fungible Technologies Raises $2.75 Million to Build Pawn.fi, Trustless Loan and Escrow Platform for NFT Assets

SAN FRANCISCO, CA – May 18, 2021 – Non-Fungible Technologies, Inc. is pleased to announce that the company has raised $2.75 million in seed funding from strategic blockchain-focused VCs and angel investors to build the first decentralized marketplace for loans backed by high-value NFT collateral.

Pawn.fi enables liquidity on non-fungible tokens (NFTs) leveraging smart contracts and decentralized finance (DeFi). The protocol enables a trustless, peer-to-peer marketplace for securing a crypto loan backed by one or more ERC721 tokens – the NFT standard – as well as ERC20 and ERC1155 tokens.

The round was led by Hong Kong-based Lemniscap with participation from Arrington XRP Capital, and angel investors taureon, Jack Herrick, Alex Pack, Chris McCann, Manna, mr.block, Mariano Conti, gmoneyNFT, Marc Weinstein, Andrew Steinwold, and Joe Mahon. Neyma Jahan and Jordan Lyall from Nifty’s and DontBuyMeme have joined as advisors to Pawn.fi. The founding team brings together experience from companies including BitMEX, BlockFi, BitGo, Curv, Gemini, and Booz Allen Hamilton.

“By taking one of the oldest forms of lending and bringing it to the blockchain, we’re creating permissionless infrastructure to enable collateralization of any on-chain asset,” said Pawn.fi CEO Gabe Frank, a third-generation pawn broker with deep experience in facilitating collateralized loans. “There’s a lot of idle capital sitting in high-value NFT’s today. Cryptopunks, digital art and land, domain names, historic internet memes and cultural moments – the Pawn.fi protocol offers the most secure way to unlock liquidity from these types of assets.”

Pawn lending has played an important role throughout history as a form of credit against unique assets. Similar to this model, Pawn.fi makes it easy to collateralize most NFTs to be used in more capital efficient ways within the DeFi ecosystem. But unlike traditional pawn lending, the collateral is digital and custody/settlement is governed by the blockchain.

As the decentralized rails for on-chain NFT liquidity, Pawn.fi allows users to define their own loan terms including the principal amount, loan duration, rate, and funding currency. Yield-seekers can earn interest by funding specific loans on the platform. The protocol eliminates counterparty risk with smart contract escrow and settlement.

Since January, non-fungible tokens have surged in popularity and market demand. In March, an NFT by the digital artist known as Beeple sold for $69 million at Christie’s. Last week, Christie’s held an auction for nine CryptoPunk NFTs, which went to the top bidder for $16.9 million, likely the second highest price paid for NFTs so far. In April, Edward Snowden’s NFT sold for more than $5.4 million.

To date, more than 701,000 NFTs have been transacted, according to Coinranking, with over $46 million in trading volume in just the last 30 days. Digital art is a significant driver of NFT volume, with over 210,000 artworks sold totaling $710 million in sales, according to Cryptoart.io

About Non-Fungible Technologies, Inc

Non-fungible Technologies, Inc. is at the forefront of decentralized financial services and technologies catering to the many permutations of the emerging ‘non-fungible’ asset class. Our mission is to enable the financialization of non-fungible assets, commonly referred to as non-fungible tokens, or ‘NFTs’. We believe NFTs represent a natural evolution of storing value and attributing ownership for unique assets. Our goal is to support this evolution through a suite of products, services, and platforms that address the needs of NFT owners, collectors, and issuers of today as well as tomorrow.

Learn more at pawn.fi.

Media Contact
Company Name: Non-Fungible Technologies, Inc.
Contact Person: Gabe Frank
Email: Send Email
Phone: 4152388346
Country: United States
Website: www.Pawn.fi.com