reNFT raises $5M in investment round for Web3 GameFi
NFT rental protocol reNFT has announced that it has raised $5 million in an investment round that was co-led by Mechanism and Gumi Cryptos Capital (gCC).
The round features broad participation from strategic investment partners who can add value reNFT companies, as well as gaming guilds who represent Millions of gamers around the world. With this foundation in mind, it has seen other contributions from Gemini, The Sandbox, OpenC, Fermion, Morningstar Ventures, EveryRealm, OP Crypto, Fourth Revolution Capital, MetaStreet and others.
The funds will primarily be used to help reNFT accelerate its onboarding of talent, capture integration across multiple blockchains, and expand its product suite. Overall, such efforts will have an inherent focus on the blockchain gaming sector, as this area of entertainment is leading the way in creating widespread global acceptance of NFTs.
Furthermore, many mainstream NFT marketplaces are set to arrive in the coming quarters, reNFT hopes to use its financial backing and talent pool to develop its turnkey whitelabel solution that allows users to rent, borrow and integrate GameFi Automation Within their own proprietary marketplace or ecosystem. Ultimately, such a solution will allow users to generate revenue from their assets in a convenient and secure manner.
Speaking about not just this round, but last year’s $1.5 million investment round, the launch of a v2 of the reNFT platform, and all the other initiatives that helped lay the foundation for the project to build a seamless NFT rental solution, company co-founder Nick Vale had this to say:
“Since our inception last year we have been thrilled with how our vision is resonating with the market. There is a huge need for automated, trustless, collateral-free rentals of digital assets like NFTs to unlock new levels of economic activity in the Web3 landscape”.
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