A16z Execs Join $30M Fund Aimed at NFTs
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March 11, 2022

A16z members Marc Andreessen and Chris Dixon joined the funding round of Curated, an investment fund aimed at buying and hodling "blue-chip NFTs."

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As per TechCrunch, the fund led by Andrew Jiang and Todd Goldberg has raised $30 million. Reddit Co-Founder Alexis Ohanian in addition to Electric Capital's Avichal Garg also participated in the funding. Goldberg said:

"We’ll wait for the best opportunities to enter these positions and then we’ll just hold these things long-term. Long-term, patient capital doesn’t sound like a big deal, but I think in this market where everyone is very short-term focused, it actually is a strategic advantage."

According to reports, the fund wants to spend half of its capital in tokens from projects like CryptoPunks, Art Blocks and Bored Apes. The other half of the fund will be used to support "high potential collections" from creators with smaller existing markets. Goldberg added that the fund may also drop its own NFTs, but no details were given on that.

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In November last year, Los Angeles-based developer of NFT games Mythical Games raised $150 million in a Series C funding led by VC powerhouse a16z. The company said it will use the proceeds to grow its team and effectively scale out operations. John Linden, Co-Founder and CEO of Mythical Games, added that the company believes that players should have "tangible assets that they earn and buy."

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