US-based MetaZ Holdings has announced it has attracted a Series A Investment from Pinewood Capital to support its Web3 sneaker resale platform.
The company operates Meta[Z], a marketplace where sneakers are traded in the form of a non-fungible token (NFT), allowing their owners to trade collectable sneakers without damaging them or needing to transport them to keep their value high.
The platform, which is operated by MetaZ’s Korean subsidiary MetaZ.inc, first debuted at NFT NYC 2023, where the company said it attracted the attention of a number of venture capitals and investors.
Its concept is based on the rising demand for sneaker trading, which has become a mainstream mode of investment for younger generations and has begun to navigate towards the US market and Korea’s resale market.
Now, with its one million dollar pre-seed investment, MetaZ hopes to continue building and capitalising on this idea.
In a release, Brandon Choi, co-CEO of the company’s holdings firm, said: “Taking this investment as an opportunity, we will stabilise the service by strengthening technical aspects and proceed with service expansion as planned by taking marketing plans into action. We expect that will lay the foundation for leading asset investment service innovation.”