Andreessen and Reddit co-founder Alexis Ohanian’s new $30 million fund is all about non-fungible tokens (NFTs). The fund aims to invest in the crypto community.
One innovation follows another
A new breed of financial instruments has emerged, targeting one of the quieter and more conservative corners of Wall Street. They are called crypto funds.
A new $30 million fund invests in non-fungible tokens. Curated is backed by some of the biggest names in crypto, as well as top investors including Alexis Ohanian and Andreessen Horowitz.
NFTs are cryptographic tokens that facilitate the representation and trading of digital assets. Basically, NFT is cryptographic art. In short, it allows artists to create works of art and sell them as non-fungible tokens. Digital art has been around for a while, but what’s unique about NFT is that it allows artists to earn money from their work.
According to analytics from DappRadar, content creators have earned over $4 billion in non-fungible tokens in the last month alone, and in 2021 they are expected to reach $21 billion.
Stripe: more ways to pay with NFTs
Public Notice Thursday
With the growing interest in cryptocurrencies, big mutual funds and billionaire tech entrepreneurs have started taking an interest. So now also tech entrepreneurs like Andreessen. The two founders of Curated, Todd Goldberg and Andrew Jiang, announced Thursday via:
We think we are still very early! […] We will patiently wait for favorable buying periods and plan to hold most assets for the long term – 5-10 years or more.
Goldberg also says Curated plans to contribute in a variety of other areas, including developing open-source tools, helping creators adopt smart contracts, and providing strategic advice and guidance. He also said on Twitter:
1/ ⭐️Some news⭐️
NFTs offer a new way to invest in culture at internet scale. Curated collects the best assets and helps the creators behind them. https://t.co/uPotwkb4OP
—Todd Goldberg (@toddg777) March 10, 2022
Plan and intentions of the Fund
Curated has raised $30 million. The funds will be used to purchase premium and valuable NFTs from up-and-coming creators and collections.
Investors in the fund include a16z, a leading Silicon Valley venture capital firm, as well as Electric Capital, Pantera and Lattice Capital.
Among the early backers involved in the new fund, Curated cites Shiva Rajaraman, chief product officer at leading Ethereum NFT marketplace OpenSea, as well as representatives from Solana’s largest marketplace, Magic Eden. Wanchain co-founders Jack Lu and Zedd Yin are also among them. This mixture seems to promise success.