NBA Top Shot Whale Launches NFT Lending Platform With $4.5M in Funding

Flowty is a peer-to-peer NFT lending platform built on the Flow blockchain.

AccessTimeIconApr 22, 2022 at 2:01 p.m. UTC
Updated Apr 22, 2022 at 7:25 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

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

The capital will be used for further platform development and building out the engineering and development 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.”

Borrowers create a listing on the Flowty marketplace for their NFT and include the desired loan amount, rate and duration. Lenders choose what assets are attractive to them and deploy the capital, earning yield during the loan period and receiving the asset if the borrower defaults.

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

Flowty loans can be denominated in Flow blockchain stablecoins FUSD and tUSDT. The platform recently added support for Flow’s native FLOW token and the USDC stablecoin.

Top Shot whale

Levy came to crypto after a passion for sports memorabilia led to him being one of the first large investors in NBA Top Shot from Dapper Labs, which is also the creator of the Flow blockchain. Dapper was a participant in the Flowty funding round alongside Stermion, Tiny VC, Luno Expeditions and 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.”

Levy is speaking at CoinDesk’s Consensus festival in June. Register using code C22-rrekxZSy for 20% off General Admission and Pro passes.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC