Insrt Labs Raises $2.2M for NFT Finance Protocol
Insurtech NFT protocol INSRT has raised $2.2 million in a SAFT funding round.
❗ Why It Matters
The funding round for Insrt Labs demonstrates the growing interest in NFT finance protocols, which could help make NFT investing more accessible and profitable for a wider range of investors.
🔍 The Deets
- Other notable investors in the funding round include Sky9 Capital, Polygon's head of DeFi Hamzah Khan, and more.
- Insrt Finance protocol allows users to gain fractional NFT spot exposure combined with passive yield farming.
- The protocol's first product, ShardVaults, allows users to acquire fractional NFT spot exposure and earn returns.
- The current total value locked in ShardVaults is $600,000, with Shard holders currently generating a 13%-15% annual percentage yield in addition to spot NFT exposure.
- The Insrt token is expected to launch in Q3 2023.
🎤 Founder Feedback
We believe that NFT finance primitives should focus more on capturing the 30,000 daily active NFT trader user base over pure DeFi yield farmers, considering that most new wallet interactions are with NFTsLauris Zvirbulis, CEO of Insrt Labs