- The fund will invest in blue-chip collections like CryptoPunks and Nouns but is mostly dedicated to supporting new projects.
- The fund wants to invest in NFTs projects across gaming, art, photography and music.
- The NFT fund has a 10-year life cycle and will be making long-term investments.
Venture fund, 1confirmation, today announced that it is launching a new fund $100 million dedicated entirely to investing in NFTs.
Despite the slump in the crypto and NFT markets, 1confirmation’s founder Nick Tomaino wrote in a blog post that NFTs “offer a new business model for content creators and empower consumers to become owners.”
Tomaino said that the most interesting “creators of games, brands, art, music are now looking to utilize NFTs” and that the new fund will support these creators early in their journey.
The new $100 million vehicle will also invest in blue-chip projects like CryptoPunks and Nouns, but will be primarily focused on investing in new projects in categories 1confirmation has previously backed, such as gaming, art, photography and music.
1confirmation is playing the long game in its investments with the new fund, which has a 10-year lifecycle and will be making long-term investments that have more than 20 times venture upside in the new asset class of NFTs.
“While there is a short-term trading culture led by influencers in NFTs today, that’s not our game. We’ve learned from our venture funds that the biggest impact comes from making long-term bets on authentic teams doing new things that are pushing the space forward,” wrote Tomaino in a blog post.
This is 1confirmation’s first fund solely dedicated to NFTs. The venture has previously invested in Coinbase, OpenSea, SuperRare, dYdX, Nexus Mutual and more. Founded in 2017, 1confirmation started with $5 million and now has over $1 billion in assets under management.
Even though there’s been a lot of fear, uncertainty and doubt surrounding the NFT space lately, new funds are constantly being launched to support projects in the space — an indication that venture capitalists still see NFTs as a promising asset class.
The most recently launched funds include Immutable X’s $500 million fund, Solana Ventures’ $100 million fund, and Ryan Carson’s $40 million fund, among others.
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