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Arca launches an NFT fund, and Alexis Ohanian expands his crypto exposure

In addition, Hartmann Capital has launched a new metaverse fund, and Solana NFT marketplace aggregator Hyperspace has raised $4.5 million.

The cryptocurrency market’s venture capital funding is showing no signs of slowing, as major investors continue to back promising startups in niche industries such as the metaverse, nonfungible tokens (NFTs), and GameFi.

Animoca Brands is leading NFT3 in raising the Web3 identity network. NFT3 has raised $7.5 million in seed funding to further develop its decentralized identity and credit network platforms. Animoca Brands led the round, with participation from LD Capital, CMS Holdings, Tenzor Capital, Ankr Network, DFG Group, Prometheus Labs Ventures, and others.

NFT3 is employing nonfungible tokens for Digital Identity Systems, also known as DIDs, which are regarded as the next frontier of digital identity in the Web3 era. NFTs, according to Animoca co-founder Yat Siu, are the “cornerstones of identity in Web3” and an increasingly important component of the metaverse.

Hartmann Capital has established a metaverse fund.

Hartmann Capital, a crypto-focused investment firm, has raised $30 million for its metaverse fund, potentially opening the door to new investment opportunities in the emerging sector. Hartman Metaverse Ventures I is looking to invest in various aspects of the metaverse sector, such as infrastructure, content, and access points. The company stated that it will support “early-stage token and equity deals,” as well as pursue additional investment opportunities through its NFT portfolio.

Arca closes a $50 million NFT fund.

Arca, a crypto asset management firm, has developed a new hedge fund product that enables financial institutions to more easily integrate nonfungible tokens into their portfolios. The NFT Arca Fund, which raised $50 million in an oversubscribed offering, aims to generate yield and equity by purchasing NFTs. Arca’s new fund will concentrate on digital property, digital collectibles, in-game assets, and identity tokens.

Hyperspace, an NFT market aggregator, raises $4.5 million.

Solana Hyperspace, an NFT marketplace aggregator, recently closed a $4.5 million seed round led by Jump Capital, Galaxy Digital, Coinbase Ventures, Soma Capital, Solana Capital, and others. The new funds will be used for product development, building in-house capacity, and expanding marketing efforts at Hyperspace.

Users can discover and shop NFTs across the entire Solana ecosystem using Hyperspace’s aggregation platform. It also enables users to directly mint and trade NFTs on Hyperspace.

Alexis Ohanian’s 776 will be the majority cryptocurrency by the end of 2022.

Alexis Ohanian, co-founder of Reddit, is no stranger to the cryptocurrency market. His venture capital firm, 776 Management LLC, is partnering with Solana Ventures to launch a $100 million Web3 growth fund in November 2021. Ohanian’s 776 has now launched two new $500 million funds dedicated to investing in startups at various stages of development. While Ohanian did not provide specific figures, he did tell The Wall Street Journal that cryptocurrency “will be the majority of the portfolio by the end of this year.”

Ohanian’s growing interest in cryptocurrency stems from his assessment of where the talent is headed. “Talent has never led me astray,” he said, referring to the influx of software developers into the cryptocurrency industry. According to venture capital firm Electric Capital, approximately 34,000 new developers contributed to open-source crypto projects in 2021, the highest number ever recorded.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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