Quick take:
- Lamina1 has launched a rolling fund for web3 builders.
- The Layer 1 blockchain will help developers raise capital for projects focused on building the open metaverse.
- The publicly accessible fund will be led by blockchain expert Peter Vessenes.
Lamina1 has launched a rolling fund for web3 builders focused on the development of the open metaverse.
Founded by the person who coined the word “metaverse” Neal Stephenson and blockchain expert Peter Vessenes, Lamina1 is launching the Lamina1 Ecosystem Fund (L1EF), which is “designed to provide broad economic access to global accredited investors looking to support the next era of the internet.”
Commenting on the announcement, Vessenes said Lamina1 was well-positioned to support projects focused on building the open metaverse.
“The team has a front-row seat to all happening in the ecosystem and essentially gets a ‘first look’ at what many of the most compelling creators and storytellers of our time are doing, building, making, and producing around the world,” Vessenes said in a press release on Wednesday.
The L1EF has already launched on Angel List a platform that facilitates fundraisings from angel investors. The platform allows investors to fund projects through quarterly subscriptions. Those interested in L1EF can invest through the fund’s $2,500 quarterly subscription.
Explaining the fund through its fundraising page on Angel List, Lamina1 wrote: “Ecosystem funds bridge the gap between the two, providing capital, talent, and advisory to those who wish to use the chain. In exchange, these funds have the privilege of being able to make broad-scale investments in the earliest stage of a blockchain’s lifecycle.”
Although Neal Stephenson is the acclaimed author who coined the word metaverse, he arrived relatively late on market, teaming up with Vessenes in June to launch his first metaverse-focused web3 product.
In August, Lamina1 appointed former Electronic Arts and Google executive Jamil Moledina as VP of Game Partnerships and Media.
Lamina1’s goal is to create an “open metaverse built and to deliver economic access to the platform as broadly as possible,” Vessenes said in a recent investor note, explaining how L1EF fits in its ecosystem.
The metaverse is a 3D virtual space where people can interact immersively through gaming socialising and other virtual events. The open metaverse is a term used to describe a metaverse built on the decentralised internet dubbed web3, which prioritises user-ownership and trustless communications.
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