In a press release issued on Thursday, Meta4 Fund Management, a Miami-based crypto-currency investment management firm, said it had launched a new fund to invest in non-fungible tokens with the goal of raising $100 million, with Andreessen Horowitz, one of Silicon Valley’s top venture capital firms, as its lead investor.
“This gives investors who do not necessarily need to acquire (NFTs) themselves but want to have exposure to the digital asset class, a venue to do it,” Meta4’s managing partner Brandon Buchanan said in quotes by Reuters.
NFTs invade the market
NFTs are digital assets on a blockchain, and the market for tokens has experienced spectacular growth in recent years, with collectible and sports-related tokens being the most popular types of tokens in 2021.
A $1.1 million pilot fund, in which Andreessen Horowitz general partners Chris Dixon and Marc Andreessen personally invested, was established earlier this year by Buchanan to demonstrate how investments might work for “friends and family.”
Among the NFTs purchased by this fund were Bored Apes, CryptoPunks, Yacht Club, Gutter Cat Gang, Meebits, Zed Run, and Sandbox, among others.
Andreessen Horowitz, which created its first cryptocurrency fund in 2018, has since formed two more, including one that garnered $2.2 billion earlier this year, and has made direct investments in NFTs. Andreessen Horowitz has also made direct investments in NFTs.
Exploring opportunities in NFTs
“New managers may bring with them a unique point of view or a unique set of skills to the table. As a result, while considering whether or not to enter a new field, we prefer to gain exposure in a variety of settings “Arianna Simpson, a general partner at the firm who specializes in cryptocurrency investments, explained why the firm invested in a fund.
“There’s thousands of NFT projects out there. There’s a new launch and drop every day,” Buchanan said about the world he’s monitoring to search for investment opportunities.
Image courtesy of Cointelegraph News/YouTube
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