- The pre-seed round raised $5 million, says TechCrunch.
- DAO contributed 70 ETH or $90,000 for 42 projects.
- Primary minting and secondary trading profits account for 4,600 ETH.
The team behind the for-profit social impact NFT firm Metagood exclusively revealed to TechCrunch that it had received $5 million in its pre-seed round.
According to Bill Tai, co-founder and chairman of Metagood, “We established the company on the premise of using NFTs as an expression where everyone does good things for each other and the good stuff is tokenized and exchangeable.”
To create tokenized value for the community, the firm debuted its best selling NFT collection on OnChainMonkey. Through its DAO, which raised 2,000 ETH in just one year, it also seeks to allow members to advertise and finance good social projects, he continued.
According to Amanda Terry, co-founder of Metagood, its DAO distributed 70 ETH, or about $90,000 at the current exchange rate, to 42 projects over the course of 10 weeks in its “Season 1.”
Among its initiatives are aiding Afghan refugees to flee to Italy and sponsoring the renovation of a skate park in Rio de Janeiro, Brazil, featuring artwork from OnChainMonkey.
Animoca Brands, Mark Yusko, the founder and CEO of Morgan Creek Capital, and Freddie Andrewes, the investment manager for Virgin Group, are just a handful of the investors in the most recent funding round.
According to Tai, “We appeal to a particular kind of person who wants to have a positive impact on the world.” Many of our investors have enjoyed career success and wish to use their influence to further the good in the world.
Moreover, Terry adds that the funds will go toward expanding the business, bringing on fresh talent, and developing the community and tools at OnChainMonkey. “We have made money off our pre-seed, but we want to expand. Thanks to our primary minting and secondary trading profits, we currently have over 4,600 ETH in our possession,” he shares further.