Digital Payments giant Mogo enters to NFT fray with investment into NFT Trader
While more commonly known for its approach as a digital payments platform and provider of ‘Green Bitcoin’, Mogo has entered the NFT fray with a ‘strategic investment’ into the NFT marketplace – NFT Trader.
As part of the deal, Mogo will acquire an initial 25% stake in the company, with a fixed-price option to increase this to 50% in the Canadian-based OTC platform NFT Trader.
The world of Non-Fungible Tokens has been undergoing a phase of rapid evolution and capital investment. Over 2021 alone, the entire space reached a total market value of over $40 billion, with even more being traded within the player-driven secondary market.
This white-hot activity from investors and players alike proved a strong pull for Mogo, as its CEO, David Feller, explained:
“The world of finance is rapidly changing, and nowhere is that more apparent than what we are seeing with the emergence of Web3, the Metaverse and NFTs… Trading volume for NFTs in 2020 was estimated at less than $100M and grew an estimated 230 times last year to over USD 23 billion. This is also clearly just the beginning as we’re just starting to see a whole new crop of play to earn video games where players are rewarded in native cryptocurrency and where their characters are NFTs that can be traded.”
The decision by the Mogo team is not the first but the latest of its investments into the NFT world. To date, Mogo has invested over $150 million into ‘digital assets and investments’. Bearing Feller’s views in mind, it’s looking likely that this is a portfolio segment that is likely to increase as 2022 unfolds.