Vera surpasses $2 million in NFT rentals and launches collateral-free loans

NFT DeFi protocol backed by Animoca, Vera becomes the leading multi-chain project to lease or mortgage NFTs with or without collateral.

Denver, March 10, 2022 – A new, fast-growing Silicon Valley startup is helping non-fungible token (NFT) creators and brands unlock billions of untapped utilities and revenue potential for its retail consumers without requiring locked-in capital or exposure risky to market volatility.

Vera Labs is behind Vera, an NFT (DeFi) decentralized finance protocol backed by Animoca Brands. It offers the industry’s leading non-custodial NFT financial platform that allows anyone to make NFT transactions that require conditional ownership such as rentals, loans, subscriptions, financing and more. Companies building NFT apps or games with Vera can eliminate high development costs, operational overhead, and legal risk while increasing the utility, resale value, and secondary market revenue streams of their NFTs. .

The Vera team demonstrates renting and lending NFT at the ETHDenver 2022 event.

Recently at ETHDenver 2022, Vera demonstrated its ability to successfully lease metaverse NFTs on three major collateral-free NFT blockchains: Ethereum, Polygon, and BNB Smart Chain. The development came after the launch of Vera’s Ethereum mainnet in December, when Vera’s team demonstrated the rental of a $1 million Bored Ape Yacht Club NFT.

“Our vision is to enable anyone to monetize or profit from NFT utilities, which is why we are the first multi-chain protocol to support collateral-free NFT lending,” said Denis Lam, CEO of Vera Labs. “For anyone aspiring to build a dream NFT startup, let us be your strategic partner to maximize the lifetime utilities and value of your NFTs at scale.”


Demonstration of lending an NFT on a Vera-enabled app without requiring collateral.

The Essential NFT Financial Stack for the Metaverse

Since its genesis in early 2021, Vera has surpassed $2 million in NFT rental transactions and has completed over 50 partnerships and integrations with leading NFT apps and brands such as OpenSea, The Sandbox, Decentraland, Netvrk , Totem, Next Earth, Highstreet, ChainGuardians, Binopoly and Bored Ape Yacht Club. Over 30 NFT apps and games are currently in development on Vera, resulting in over 100,000 NFTs valued at tens of millions of dollars that will soon be added to the Vera network.

Vera is currently working on gaming and entertainment business partnerships with Animoca Brands portfolio companies, as well as two of the world’s largest event and ticketing companies.

Yat Siu, Co-Founder and Chairman of Animoca Brands and a seed investor in Vera, said, “Vera is building a secure decentralized financial platform that is urgently needed in the NFT space to enable several essential financial services that many of us take for granted in the real world. We look forward to being a catalyst in helping Vera become a leading open finance platform for all NFT assets.

“Vera enables anyone to unlock next-generation utilities and business strategies for NFTs,” said Michael Arbach, CTO of Vera Labs. “Similar to how Stripe made monetization easier with Web2, Vera makes it easy for anyone to create NFT secondary markets, GameFi apps, or subscription products that unlock billions in utilities and revenue.”

What’s new next?

Over the next year, users can expect Vera to launch on additional blockchains such as Solana and peer-to-pool (P2P) financial services governed by a decentralized autonomous organization that enable users to instantly lease or finance NFTs while NFTs and liquidity providers can earn attractive revenue. yields.

“P2P leasing and financing is just the start,” said Kate Wong, former corporate lawyer and head of business development at Vera Labs. “As the Web3 space matures, we anticipate the emergence of institutional NFT investment products similar to how mortgage-backed securities are governed by Fannie Mae or Freddie Mac. Our management is determined to turn this future into reality.

Last year, Vera was elected Best DeFi App of the Year by the Panony group. He also won a Web3 Foundation grant and raised over $3 million in seed funding from institutional investors including Animoca Brands, Sky Vision Capital, Shima Capital, Infinity Ventures, Double Peak Group, Digital Finance Group , Formless Capital, Spark Digital Capital, LD Capital, Axia8 Ventures, AU21 Capital and Krypital Group among others.

Key angel investors include Animoca Ventures Founder James Ho, Sky Vision Capital Founder Sandra Wu, Paxos Founder Richmond Teo, Polygon Founder Sandeep Nailwal, SupraOracles Founder Heslin Kim, Highstreet Founder Travis Wu , Panony Group founder Alyssa Tsai and Crypto Banter founder Ran Neuner.

Learn more about Vera’s track record on her website.

About Vera

Vera is a decentralized way to lease and mortgage NFTs. Founded in 2021 and backed by Animoca Brands, Vera’s mission is simple: to create open, secure and powerful NFT financial products that are equally accessible to everyone. With Vera, apps and games can generate new revenue streams, reinvent user experiences, and empower communities.

This is a paid press release. Cointelegraph does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other elements of this page. Readers should do their own research before taking any action related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Comments are closed.