The cryptocurrency market has failed to make significant headway in recent months, but that hasn’t stopped the industry’s builders from building. Nonfungible tokens (NFTs), crypto mortgages, blockchain-powered cellular networks and Web3 gaming have all piqued the interest of venture capitalists. These new and familiar investment themes headline the latest edition of VC Roundup, as venture funds continue to target blockchain’s most promising value plays.
a16z execs back new NFT fund
Andreessen Horowitz’s foray into the blockchain industry continued this month after a large segment of its investing team backed a new nonfungible token fund called Curated. The fund, which is worth $30 million, has the singular purpose of buying and holding NFT artwork. Among the a16z brass, Marc Andreessen, Arianna Simpson, Chris Dixon, Andrew Chen and John Lai are all investors in the fund, according to Tech Crunch. NFTs and traditional art are increasingly being viewed as stores of value in an inflationary environment. (Interestingly, a16z has been talking about NFTs since at least 2020, which is eons ago in the crypto industry.)