A fund is launching to buy and hold non-fungible token artwork as a new investment vehicle. Here are details and some of the big names involved that you need to know.
What Happened: The NFT fund, Curated, is launching with $30 million in funding from a leading team of builders, creators, investors and strategic partners.
The fund is led by Andrew Jiang and Todd Goldberg.
The builders and creators listed by the company include team members from Manifold, OpenSea, Magic Eden, Polygon and Polkadot.
Investors in the fund include Marc Andreessen, Chris Dixon, Andrew Chen, Arianna Simpson and Jon Lai, all of whom are from a16z, the venture capital firm also known as Andreessen Horowitz.
Other investors include Justin Kan, Avichal Garg, Curtis Spencer and Reddit co-founder Alexis Ohanian.
Strategic investors includ FTX, Origin Protocol, Dapper Labs, West Coast NFTs and Protocol Labs.
“NFT assets are what we think are going to be a really big deal over the next decade, like orders of magnitude larger than they are today, because NFTs give us a digitally native way to invest in culture at internet scale,” Goldberg told TechCrunch.
Goldberg told TechCrunch the new Curated fund could consider doing its own NFT drops and partnering with other artists in the portfolio.
“Valuations in NFT land are still incredibly immature, leaving huge long-term opportunity for patient buyers willing to see past the noise and extrapolate the right patterns,” Dapper Labs CEO Roham Gharegozlou tweeted.
Ohanian tweeted, “Congrats!! This is gonna be FUN.”
What’s Next: The fund plans to invest half of the capital raised in “blue-chip NFTs, ”including CryptoPunks, Art Blocks and Bored Ape Yacht Club. The other half of the funds will be invested in “high potential collections.”
“We’ll wait for the best opportunities to enter these positions and then we’ll just hold these things long-term," Goldberg said.
The company said it plans to hold most assets five to 10 years.
Curated will be available to investors who are creators, builders and collectors in the NFT community and to accredited investors. The company’s website says it has a limited number of spaces to those who can “write $250k+ checks.”
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