Metagood, a social impact NFT startup, has raised $5 million in its pre-seed round, the team told ExamPaper exclusively.
“We launched the company with the concept of using NFTs as a phrase where everyone is doing good things for each other and the good things are tokenized and interchangeable,” Bill Tai, co-founder and chairman of Metagood, told ExamPaper.
The company launched its flagship NFT collection OnChainMonkey to create symbolic value for community members. It also aims to give members the opportunity to promote and fund social good projects through its DAO, which raised 2,000 ETH in just one year, he added.
The DAO distributed 70 ETH, or about $90,000 at current prices, to 42 projects over 10 weeks in “Season 1,” Metagood co-founder Amanda Terry told ExamPaper. Some of his projects include funding the rehabilitation of a skate park in Rio de Janeiro, Brazil, with art from OnChainMonkey, and helping Afghan refugees evacuate to Italy.
Investors in the recent funding round include Animoca Brands, Morgan Creek Capital founder and CEO Mark Yusko, and Virgin Group investment manager Freddie Andrewes, to name a few.
“We appeal to a certain kind of person who wants to make a positive impact on the world,” Tai said. “Many of our investors have had great success in their careers and want to use their influence to do other good things in the world.”
Past investors include a number of high-profile celebrities or executives, such as actor Owen Wilson, Virgin Unite chairman Holly Branson, and Rotten Tomatoes co-founders Patrick Lee and Stephen Wang, as well as crypto investments from Dapper Labs co-founder Roham Gharegozlou, Axie Infinity co-founder Jeffrey Zirlin and The Sandbox co-founder Sebastien Borget, among others.
“Holly Branson sees this as a means of expanding what she does,” Tai said. “That is the common thread here. Culturally, we attract kind-hearted people who want to lead the world to better places.”
The capital will be used to grow the company, hire new talent and build OnChainMonkey’s community and tools, Terry said. “We have been profitable with our pre-seed, but we want to keep growing. We are at about 4,600 ETH of our primary coin and secondary trading income.
Metagood believes web3 can be a positive force in creating an economy of good karma, where people are rewarded for doing good things, Tai said. The startup aims to combine rewards through charity and the prizes of the OnChainMonkey NFTs. “As the karma spreads, the economy grows.”
The DAO model allows a maximum amount of money to go from projects to projects — and quickly, Tai said.
The skate park mentioned above is an example of a “micro-charity grant that would be very difficult to manage with a large organization, and we were able to pull that off in a matter of days,” Tai said.
“We want the rubber to meet the road between causes and giving,” Tai said. “We can do things that large centralized charitable organizations with many authorities cannot. […] I wouldn’t be surprised if we were doing thousands a year in years to come.”