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Genesis issues $6M NFT-backed loan to Meta4 Capital
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Genesis Global Capital has completed one of its first purely NFT-backed loans for $6 million to Meta4 Capital, a Miami-based Web3 focused investment management firm. This loan is notable not just for its amount but for solely using nonfungible tokens (NFTs) as collateral instead of including broader liquid collateral. Meta4 operates as an NFT VC backed by Andreessen Horowitz, specializing in acquiring presumed rare and historically significant NFTs.
The proceeds of Genesis’ loan were used to finalize Meta4’s purchase of three NFTs part of Sotheby’s Metaverse “Natively Digital” October NFT auction: the $3.4 million record-setting gold Bored Ape Yacht Club #8817, the Rare Pepe PEPENOPOULOS for $3.6 million and an NFT from FingerprintDAO’s
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