On June 22, 2022, 1confirmation, a well-known venture capital fund in the crypto market, launched the NFT Fund worth up to $100 million.
1confirmation is a crypto investment fund established in 2017, with an initial capital of only about $5 million. However, they currently manage a portfolio of about $1 billion.
The willingness to spend large amounts of money on NFT, despite the current decline in the market.
Nick Tomaino, the founder of 1confirmation, said:
“Most of the groundbreaking technology products that had a big impact on the world were initially rated too risky, and it was only after many years, when that technology was applied popularly and successfully, that it became attractive to large investment funds. This is certainly true of Bitcoin and Ethereum in the previous 5 years, and 1confirmation believes it is true of NFT today. On the surface, NFTs are useless, but the truth is that they provide a new business model for content creators and empower buyers to actually own them. The best game creators, brands, art, music, and more are now looking to use NFT and our new dedicated fund to support them early in their journey.”
According to Nick Tomaino, this $100 million NFT Fund will be allocated to invest in bluechip collections such as CryptoPunks and Noun and will also focus on investing in new projects in which the fund sees potential. All areas such as games, music, art… The goal of 1confirmation is to find projects that can succeed in the long term.
Thus, after many other names, 1confirmation is the following investment fund to allocate a large and separate category dedicated to NFT. 1confirmation was previously very successful with investment in projects such as OpenSea, dYdX, Nexus Mutual, SuperRare, Acala… Can 1confirmation continue to find the “hidden gem” NFT?
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