Quick take:
- Carson says his NFT fund has received $40 million in commitments.
- The fund was launched to acquire blue-chip NFTs.
- Investors have to commit 100 ETH to participate in the fund.
The 121G fund, launched by Ryan Carson, the former COO of Moonbirds and its creator PROOF, went live this month and now has more than 14,000 ETH ($40 million) committed, Carson revealed in a tweet yesterday.
Carson introduced his NFT fund called 121G in late April just days after Moonbirds topped OpenSea’s 7-day trading volume chart and left his role shortly after. The fund was launched to secure hard-to-acquire blue-chip NFTs, with 99 spots available for accredited investors.
“Looks like the fund will be fully subscribed by tomorrow. Capital will start deploying in July,” Carson added. According to an email a potential investor received, there were only six spots left on the list.
Interested investors have to commit to a 100ETH subscription fee to participate in the fund. Carson said on Twitter in April that the fund will be “acquiring and holding historically significant blue-chip NFTs across the following categories: generative art, photographs, token-gated communities, metaverses, PFPs, 1/1s and more.”
He also said that the fund will hold these assets long-term, for a period of three to 10 years. While the majority of the fund will be used to acquire blue-chip floor and rare NFTs, the remainder of the fund will be invested in emerging, promising projects that are more volatile but could likely have much larger upside potential. The fund charges a 2% management fee and a 20% fee on profits.
On Apr 26, PROOF, the Web3 media startup behind Moonbirds raised $10 million from Reddit co-founder, Alexis Ohanian’s venture capital firm, Seven Seven Six. Ohanian and his VC firm have been actively investing in NFTs and Web3 startups.
PROOF’s co-founder Kevin Rose said in a video interview with Ohanian that the company didn’t need the funding, but he wanted an opportunity to work with Ohanian. On the same day, Carson announced his departure from PROOF and Moonbirds to focus on his new fund.
Even though Carson faced backlash from the Moonbirds community after introducing the 121G fund, his announcement of the $40 million the fund has received in commitment was met with a positive response as several members of the NFT community congratulated him.
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