Sfermion Raises $100M To Accelerate the Emergence of the Metaverse

Sfermion Raises $100M To Accelerate the Emergence of the Metaverse


Sfermion – an NFT investment firm – has raised $100 million through fundraising from several high-profile institutional investors and venture capitalist firms. The Winklevoss twins, Marc Andreessen, Alan Howard, Digital Currency Group (DCG) are some of the names of the participants.

Accelerating the Emergence of the Metaverse

As per a press release, Sfermion announced the close of its second fundraising, dubbed Fund II. The $100 million will be used to focus on the Facebook-driven mania for the Metaverse – a decentralized virtual reality world where users can interact socially and economically.

Sfermion said its mission with the new fund will be to “accelerate the emergence of an open, decentralized metaverse by investing in the infrastructure that are the building blocks of our digital future.”

Sfermion was founded in 2019 by Andrew Steinwold, starting as an investment firm focused on innovative projects in the NFT ecosystem. Their new goal is to help accelerate the advent of the metaverse, which is believed to be the “next big thing” after the emergence of the internet in the late 90s.

Having been focused on the NFT markets since 2019, it is incredible to see our thesis play out that NFTs were the key missing piece of technology needed for the metaverse to come to fruition. We created this fund based on the notion that NFTs are the trojan horse to crypto mass adoption and the next multi-trillion-dollar industry.” – reads the PR.

Facebook Jumpstarting the Metaverse

A week ago, Mark Zuckerberg announced its corporation was rebranded to Meta, moving his social media empire to a fully-digital metaverse organization. The news had the crypto community with mixed feelings as it doesn’t trust Facebook building a massive virtual ecosystem, considering the company’s practices with users’ private data and the spreading of misinformation.

Shortly after Zuckerberg’s announcement, metaverse currencies like Decentraland (MANA) saw a dramatic boost of 400%, reaching an ATH of $4.16 on Saturday evening, trading at 2.94 at press time. The price spike is believed to be driven by the idea of interoperable virtual worlds, allowing users to interact with other digital landscapes. Other currencies like Sandbox (SAND) and Star Atlas (ATLAS) saw price boosts of 23% and 22%, respectively.

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