Home » Fungify Manages To Raise 6 Million USD To Build New NFT Lending Primitive​

Fungify Manages To Raise 6 Million USD To Build New NFT Lending Primitive​

by Sonal Shukla

As digital assets, NFTs are building a special position in the minds of investors. NFTs are offering a great platform to artists and creators worldwide. With this digital asset, they can earn a great amount of profit out of their passion. NFTs have a wide range of potential for investors and creators, providing benefits to both parties. Bitcoin trading, you may consider using a reputable trading platform like: https://bitcoin-billionaire.com/

There’s a new firm in the industry, called Fungify, which has managed to raise 6 million USD! With this fund, they will now be a fresh NFT lending primitive firm.

By using the NFT floor pricing feeds of Chainlink, this new firm will offer quick NFT sales. Also, you will find loans with NFTs as collateral and an NFT index that comes with yield-bearing blue chips. Let’s see more about this in detail!

Here’s What You Need To Know About Fungify

Fungify, headquartered in California, USA, has raised about 6 million USD, from its 9 investors. Also called Fungify DAO, it is an NFT index and algorithmic lending protocol. It lets you grab instant sales in NFTs. In addition, you can also have loans backed by NFTs.

Here, you can also invest in NFT tokens which are decentralized. With this system, you can get exposure to a wide set of community-centered NFTs. Here, you do not have to worry about the illiquidity of any single NFT in the market.

You can even use this platform’s index token as loans, which let the protocol avert the volatility present in the broad market.

The Completion Of The Funding Session

Fungify has announced in recent times that it has completed its funding session, where it has raised about 6 million USD!

This funding session had different investors in it that added to this huge amount of funds. CitizenX was the leader of this session. There are many others on this list like Infinity Ventures Crypto, Distributed Global, Flow Ventures, Anagram, and others.

You can also find some angel investors in this list of funding. These are DCFGod, Mark Borsten, Joe Eagan, and others! Due to investment by all these investors, the funding amount of Fungify DAO has reached a great height!

What Can You Do With NFT Tokens?

Fungify will let you invest in $NFT, which is the first decentralized token of its kind! You can redeem the NFT tokens that are available in the platform’s MarketVault. With this, you can stop worrying about illiquidity in the market for single NFTs.

And you can avail the benefits of different investment levels with the community-tailored NFTs! Also, Fungifycan carry out margin calls without any auction. The founder of this index says that an NFT index right at the heart of any system is a major insight!

He also says that investors are not looking for Ether or stablecoins that are monkey jpegs-backed. Because they want to have exposure and experience the entire jpegs by themselves!

And also they want this without spending a lot of money. The sole demand for exposure can be the prominent factor behind scaling up an entire ecosystem!

What More Can The Index Token Offer You?

This token is capable of offering yield stakes from all sales and interests. This aspect makes the situation better than even achieving similar exposure.

Besides that, it is better at rebalancing the value relative to the broader NFT market through arbitrage. The protocol engineer of Fungify explains a redemption mechanism for investors and users.

He shares that the redemption mechanism is pretty fun with Fungify! Here, you can redeem the $NFT token for any other NFTs, and the value of this token will help in stabilizing the pegged value. If this value turns out to be positive, you will get a positive expected value.

According to the owner of Fungify, they will launch Q1 and Q2 this year after ending their security audits!


With this platform, you can get great opportunities in NFTs. Investing in $NFT tokens, you can get other options like collaterals for loans and the best value for investment in any NFT!

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