NFT financialization platform MetaStreet raises $10M in funding to launch new product “PowerSweep”, bringing total funding to $24M in the last year

MetaStreet, one of the largest debt providers in the NFT industry (with >$40M in volume to-date) sets sights on new NFT leverage trading platform to further scale & onboard new users.

BOSTON, October 10, 2022 - MetaStreet, an NFT financialization platform, today announced that it has secured $10M in new funding in order to roll out a suite of products that seek to improve trust, credit and ownership in the Metaverse. The first of these new products is “PowerSweep”, an NFT leverage trading platform built on top of MetaStreet Vaults in partnership with opensource NFT marketplace aggregator Reservoir Protocol.

The NFT debt industry has seen substantial growth over the last year with ~$500M in borrowing volume across major platforms. However, debt penetration rates relative to the total NFT market remain low, with improvements to user value propositions needed in order to unlock dead capital and grow the industry as a whole. PowerSweep increases the purchasing power and flexibility of NFT traders by allowing users to buy and sell NFTs on margin (via Reservoir) as well as instantly and perpetually extend their debt every 30 days without any risk of liquidation.

“Once we released the MetaStreet Vault in June, we immediately began exploring what could be built on top of this infrastructure that could further improve user experience and attract new entrants into the industry. PowerSweep is the first in a long line of products we have planned in the pursuit of a singular mission: to rapidly universalize trust, credit and ownership in the Metaverse.” said David Choi, co-founder and CEO of MetaStreet.

“We’re fortunate to be deeply entrenched in NFT finance at such a formative period of time in the lifecycle of the Metaverse, as it allows us to experiment with new innovations that can drive meaningful value to users, nearly instantaneously.” said Conor Moore, co-founder and COO of MetaStreet. “This is one of those unique moments in an industry’s growth where everyone who’s here today is simply focused on bringing new users into the space, an entire blue ocean of opportunity.”

MetaStreet plans to utilize this funding round to support product and feature development with the goal of improving trust, credit and ownership in the Metaverse. This round featured participation from existing investors including Dragonfly Capital, Nascent and Ethereal Ventures, as well as new investors including Fintech Collective, DCG, TheLAO, Focus Labs, Mirana Ventures, Metaversal, Opensea Ventures, Ledgerprime, Meta4, and Flying Falcon.

About MetaStreet

Founded in 2021 by David Choi, Conor Moore, and Ivan Sergeev, MetaStreet is a permissionless NFT financialization platform that universalizes trust, credit and unique ownership of digitally-native assets at scale. For more information, visit https://www.metastreet.xyz/.