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Christie’s Ventures’ first portfolio firm is the cross-chain interoperability agency LayerZero Labs.
Christie’s Ventures Goes Live
Christie’s is moving into the enterprise capital recreation.
The world-famous public sale home has launched a brand new fund known as Christie’s Ventures. According to a Monday press launch, the fund will focus on fintech and rising know-how associated to the artwork market—and it’s kicking off with an funding in Web3.
The fund’s first funding is in LayerZero Labs, the cross-chain interoperability firm behind the Stargate omni-chain bridge. The press launch stated that LayerZero “sits perfectly on [the] spectrum” the fund will focus on. Specifically, Christie’s Ventures will discover Web3, art-focused monetary merchandise, and applied sciences that assist folks devour artwork.
Christie’s Ventures Global Head Devang Thakkar stated that the fund would focus on “services which can solve real business challenges, improve client experiences, and expand growth opportunities, both across the art market directly and for interactions with it.” LayerZero co-founder and CEO Bryan Pellegrino added that Christie’s has established itself as “a pioneer” in Web3.
Though the announcement didn’t particularly reference NFTs, Christie’s Ventures will seemingly make its investments with consideration for the red-hot digital collectibles market that runs on blockchains like Ethereum. Christie’s memorably hosted the public sale for Beeple’s “Everydays: The First 5,000 Days” NFT in March 2021, making headlines worldwide when it bought for over $69 million. The artwork establishment has since auctioned off high-value NFTs from sought-after crypto artists and collections like CryptoPunks, Bored Ape Yacht Club, Justin Aversano, and FEWOCiOUS. In 2021, it bought greater than $150 million value of NFTs because the market boomed.
Christie’s is widely known because the world’s premier public sale home. It was based in London in 1766 and has since opened places of work in dozens of areas all over the world. In 2017, it bought Leonardo da Vinci’s long-lost “Salvator Mundi” portray for $400 million, the very best value ever paid for a portray at an public sale.
Disclosure: At the time of writing, the creator of this piece owned ETH, some Otherside NFTs, and several other different fungible and non-fungible cryptocurrencies.
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