Digital asset curator Metaversal appear Tuesday that it has completed a $50 million funding circular to further expand its investment capabilities in the nonfungible token (NFT) and metaverse sectors.

The Series A funding round was co-led past investment firms CoinFund and Foxhaven, with additional participation from Collab+Currency, Dapper Labs, Digital Currency Grouping, Franklin Templeton, Rarible, Theta Blockchain Ventures, Galaxy Vision Hill and others.

Metaversal said it will employ the funding to expand its NFT-focused business, including acquiring loftier-profile digital collectibles and supporting projects that are being bootstrapped past its venture studio. The funding besides enabled Metaversal to secure partnerships with NFT platform Rarible and Dapper Labs' Menstruum blockchain. Menses, which provides the infrastructure for NBA Top Shot and CryptoKitties, is also being supported past Google and Filecoin, among other notable partners.

Related: Square Enix CEO reveals plans for blockchain, metaverse, NFTs

NFTs were a major factor behind crypto and blockchain's mainstream success in 2022. The sector generated over $xiv billion in sales during the year, with digital fine art collections and digital collectibles accounting for 91% of transactions, co-ordinate to manufacture data. While digital art has largely dominated the NFT market to engagement, that could soon change with the arrival of music NFTs and fashion-focused collectibles.

NFT sales peaked in late August and early on September. Source: NonFungible

Venture funds have also identified NFTs as a major growth vector and have funded projects in this infinite to the melody of $2.ane billion as of Q3 2022. Silicon Valley venture firm Andreessen Horowitz was responsible for nearly 40% of NFT-focused deal activities, according to PitchBook. As Cointelegraph reported, venture funds invested over $17 billion into crypto- and blockchain-focused startups in the first ten months of 2022, which was more than three times the amount in all of 2022.