NFT finance protocol Insrt raises $2.2 million in SAFT round
Insrt Labs, the core contributor of the Insrt Finance protocol, raised $2.2 million in a pre-seed funding round. The funding was realized via a simple agreement for future tokens (SAFT), Lauris Zvirbulis, co-founder and CEO of Insrt Labs, told The Block.
Insrt Labs was founded in March 2022 by Zvirbulis, Daniel Tsoy and pseudonymous crypto trader "hentai avenger" aka Steven, said Zvirbulis. The Insrt Finance protocol went live last December and allows users to acquire NFT exposure and earn returns. The current total value locked or TVL in ShardVaults is $600,000, said Zvirbulis — adding that Shard holders can currently generate 13%-15% annual percentage yield in addition to spot NFT exposure. Shards are NFTs that represent fractional ownership of a ShardVault's base NFT.
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