Christie’s, the auction house that is known for its sales of art and luxury items has launched an investment fund to support emerging companies with Web3 and blockchain technology with the aim of facilitating seamless consumption of art.
In a press reveal on Monday, the auction company said the fund, Christie’s Ventures, will financially back firms in Web3, “art-related financial products and solutions,” and technology linked to art and luxury goods. According to Christie’s, its first investment will be in LayerZero Labs, a company developing solutions for promoting omnichain decentralized applications, allowing a more seamless transfer of assets between blockchains.
Christie’s Ventures global head Devang Thakkar mentions that the auction house will focus on products and services, which can crack real business challenges, improve client experiences and expand growth prospects, both across the art market directly and for interactions with it.
The move into blockchain-related investments depicted another step for Christie’s to back ventures in the crypto domain. Last year (2021), the company hosted an auction for a piece of NFT artwork from Mike Winkelmann, also popular as Beeple, raising more than $69 million. Since then, it has held several high-profile NFT sales for various NFT artwork and also teamed up with the OpenSea online marketplace for on-chain auctions.
Also Read, Stepwise guide on creating your own NFT
2022 is gearing up to be a rocking year for blockchain-related venture funding. Even with the activity concerning Web3 and Metaverse investment weakened amid the bear market, startups with a focus on Web3 and the Metaverse still continue to attract substantial capital. Here are some of the Investments that NFTHi has covered in recent months:
- Multicoin Capital reveals $430 Million in Venture funds despite market slump and hit by a lawsuit
- Ryan Carson’s 121G receives 40M in commitments
- Solana NFT industry Magic Eden closes a $130 million Series B investment with a $1.6 billion value
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