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NFTfi, a blockchain startup, has raised USD 5 Mn in a seed round to continue pioneering the financialization of NFTs. The round was headed by 1kx, with participation from Sound Ventures, Maven 11, Scalar Capital, Kleiner Perkins, and others. NFTfi intends to use the new funding to expand its workforce, introduce new product features, expand the platform to other blockchains, invest in its community, and fund its decentralization.
NFTfi is a marketplace where users can acquire a cryptocurrency loan on their NFTs and give loans to borrowers on their NFTs. The NFT is returned to the borrower’s wallet once the loan is repaid to the lender with interest. The lender receives the NFT if the loan is not repaid within the specified time frame.