NBA Top Shot Whale Launches NFT Loan Platform with $4.5M in Financing

Flowty, a peer-to-peer non-fungible token (NFT), the lending platform on the Flow blockchain has raised $4.5 Million in its first round of funding. It was led by crypto investment firms Greenfield One, Lattice Capital.

This capital will be used to further develop the platform and build out the engineering and design team.

“We as a company are a technology platform that facilitates transactions between borrowers and lenders,” said Flowty co-founder Michael Levy in an interview with CoinDesk.

“Because it’s peer-to-peer, and because of how we set up our platform, we can provide our services to people without them needing to go through strict regulatory concepts,” explained Levy, adding:

“So our platform can be used by anyone – people who are traditionally unbankable, people who are in regions where they don’t have a robust financial system.”

The listing is created by the borrower on the Flowty platform for their NFT. It includes the required loan amount, interest rate, and term. Lenders can choose which assets they find attractive and use the capital to earn yield throughout the loan period. If the borrower defaults, the asset will be returned to them.

Flowty takes a fee from each loan that’s funded and essentially holds onto the asset until the loan duration is complete.

Flowty loans are available in FUSD and Flow blockchain stablecoins. USDT. The platform recently added support for Flow’s native FLOW token and the USDC stablecoin.

Top shot whale

Levy discovered crypto when his passion for sports memorabilia led him to become one of the largest investors in NBA Top Shot, which was also the creator and originator of the Flow Blockchain. Dapper was a participant of the Flowty financing round along with Tiny VC. Luno Expeditions. Red Beard Ventures.

“The peer-to-peer loan marketplace is the first core feature we built, but we’re working on a number of others,” Levy said. “Our more macro company vision is to be a kind of forefront to the financialization of NFTs.”

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