Fungify Raises $6M To Build New NFT Lending Primitive – Cointelegraph
Utilizing Chainlink’s NFT floor pricing feeds, Fungify offers instant NFT sales, NFT collateralized loans and a yield-bearing blue chip NFT index.
Fungify DAO has announced the completion of its funding round.
The round, led by CitizenX, also included Distributed Global, Infinity Ventures Crypto, Taureon Capital, Anagram, Flow Ventures and more. Angel investors consisting of DCFGod, Joe Eagan (ex-president of Polychain Capital), Mark Borsten (Merit Circle founder) and others also joined.
Fungify allows users to invest in $NFT, the first decentralized $NFT index token. $NFT is a non-fungible token (NFT) index backed by and redeemable for NFTs contained within the Fungify MarketVault. This enables anyone, regardless of investment level, exposure to a broad set of community-curated NFTs without concern for the illiquidity of any individual NFT.
The NFT Index Token is also used as the unit of account for loans, allowing the protocol to factor out the broader market’s volatility. This increases the legibility of the system and allows for risk parameters to be agnostic of U.S. dollar-denominated movements in the NFT market. Using Chainlink NFT floor pricing feeds to track the price and the NFT index as a guaranteed counterparty, Fungify can margin call without auctions.
“Having an NFT index at the heart of the system was the key insight,” sa