Ryan Carson’s 121G Fund
Earlier this week serial entrepreneur Ryan Carson launched The 1.21 Gigawatts Fund (121G). This Fund was to buy NFTs, and he said it has received commitments worth $40 million from investors.
121G’s website was launched on April 25. Interested investors had to reserve 100 ETH i.e. $280,000 to participate in the fund. There were 99 open spots for accredited investors. Ryan Carson, the former COO of the famous NFT projects Moonbirds and Proof Collective, tweeted on Tuesday that the fund has seen over 14,000 ETH in commitments and that it will start acknowledging NFTs in July.
Here is the tweet,
The 121G fund, whose name is a reference to the movie Back to the Future, is concentrated on acquiring and holding “historically significant blue-chip NFTs,” Carson mentioned on Twitter last month. Further, he added that they will focus on collecting a broad range of important NFTs across the following categories:
Generative art, Photographs, Token-gated communities, Metaverses, PFPs i.e. profile pictures, 1/1s, and much more.
According to Carson, the fund has a longer-term perspective on NFTs, holding acquired pieces for 3-10 years. Like numerous alternative investment funds, it charges a 2% management fee and a 20% fee on profits.
Ryan Carson also said that the majority of the 121G fund will be utilized to gain “a strategic ratio of blue-chip floor and rare NFTs” and the rest will be invested in “up-and-coming promising projects.”
Ryan Carson quit Moonbirds and Proof after launching 121G. Proof is the media startup behind Collections Moonbirds and Proof Collective. Both the NFT Collections are in the top 15 collections in terms of floor price. As per the website, The 121G fund seeks to acquire such popular NFTs “before large institutional investors enter the market”.
The latest update from Carson regarding 121G is that the Fund is fully subscribed. This means that the 99 slots are filled but still, there is an option to join the waitlist by filling out a form on the website.
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