Venture firm 1confirmation has launched a new $100 million fund for NFT projects. The company will invest in gaming, art, and other startups, with the main focus on new projects.
1confirmation founder Nick Tomaino made the announcement in a blog post. “The most interesting creators of games, brands, art, music and more are now looking to utilize NFTs and our new fund is dedicated to supporting them early in their journey,” he said.
The fund has a 10-year life cycle, with 1confirmation planning to focus on long-term investments rather than pursuing quick profit.
NFTs look like a speculative casino on the surface but the truth is they offer a better business model for creators and empower consumers to become owners
— Nick Tomaino (@NTmoney) June 22, 2022
“While there is a short-term trading culture led by influencers in NFTs today, that’s not our game,” Tomaino noted. “We’ve learned from our venture funds that the biggest impact comes from making long-term bets on authentic teams doing new things that are pushing the space forward.”
1confirmation has already invested in OpenSea, Coinbase, Nexus Mutual, and other blockchain companies. The firm now has over $1 billion in assets under its management.
Earlier this month, several other companies announced their own blockchain funds. The list includes Immutable’s $500 fund for Web3 games, Animoca Brands’ $146 million fund, and Solana’s $100 million fund for GameFi and NFT projects in South Korea.