Spice Finance Raises $1.7M Led By Shima Capital To Solve & Scale NFT Lending
We are excited to announce that Spice Finance has raised $1.7m led by Shima Capital, with participation from various additional investors, advisors, builders, and power users. This is a strong first step forward in moving NFT lending to its watershed moment.
Scaling NFT Lending
Spice will kick off by introducing a groundbreaking yield optimizer and liquidity routing protocol for NFT lending markets. This will help lenders passively deploy capital onto NFT marketplaces for effortless, best-in-class yields.
Spice Finance will vastly improve the complicated and time-consuming NFT lending process by aggregating all outstanding loans and pools, developing algorithmic lending strategies on top, and delivering users simple and transparent vaults that return superior NFT lending yields.
“He who controls the Spice controls the Metaverse” — The High Council
Over the course of the past 3 years, DeFi protocols have attracted the attention of millions of builders, evangelists, and yield mercenaries. These protocols have shown incredible promise for the future of money, facilitating tens of billions of dollars in daily volume, despite facing extreme market volatility. However, alongside DeFi’s continued success and ever increasing volume, the users of old have had their high yields yanked from them as rates simmered over time.
The recent advent of NFT finance has unlocked new yield farming opportunities for users. But, this comes at a price. With the non-fungible nature of the collateralized assets, lending remains risky and fragmented; developing and deploying robust lending strategies requires strong financial sophistication and active management.
This is one of NFT finance’s major unsolved problems.
Spice will be the first passive, high yielding lending application that will bridge DeFi’s capital to NFT lending’s yields, democratizing access for users and pumping liquidity into the industry. If successful, Spice has the potential to be the go-to liquidity scaling protocol for the global digital economy at large.
The Spice Bazaar is under construction
Spice’s lending aggregator has been rigorously tested, running internally for the past few weeks now, and is passively farming ~20–30% APR across the various marketplaces in the industry. The team is ready to begin bringing the product to market.
Our focus with Spice is to give users the best risk-adjusted yields in NFT finance via an intuitive, easy-to-use interface that anyone will be able to pick up. By reducing the barrier of entry into the space, we believe Spice can elevate NFT finance and extend its reach to much broader use-cases.
Spice will be launching in the coming months.
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Sourcing more than just capital
We raised this round with a strong belief that an investor should not be just a source of capital but also bring strategic value-add towards building Spice’s long-term vision. The breadth and diversity of this round are fundamental assets to scaling NFT finance for all.
We are truly honored by our investors’ confidence in Spice. Notable shoutouts:
- Shima Capital
- Big Brain Holdings
- Delta Blockchain Fund
- Side Door Ventures
- Hypotenuse Labs
- Origin Protocol
- Crest Group
- & our strategic angels and partners (you know who you are ❤)