NFT Index and Lending Protocol Fungify Raised $6M Led By CitizenX

Fungify offers instant NFT sales, NFT collateralized loans and a yield-bearing NFT index. The project has completed its latest funding round raising $6M, led by CitizenX, and saw participation from Distributed Global, Infinity Ventures Crypto, Taureon Capital, Anagram, Flow Ventures and more.

Fungify's $NFT token is the first decentralized NFT index token, provides investors with exposure to a broad range of NFTs. $NFT is backed by and redeemable for NFTs contained within the Fungify Market Vault. The NFT index also provides staking yields. The index automatically rebalances while maintaining its value relative to the broader NFT market.