Alexis Ohanian And Andreessen Horowitz Back $30M Fund For NFTs

Alexis Ohanian and Andreessen Horowitz backed a $30 million crypto fund specially designed to create NFTs as we are reading more about in our latest crypto news.

When the traditional finance world was starting to get the idea of a crypto fund, now things changed and it will have to contend with million-dollar funds for JPEGs. The latest one is Curated, a $30 million fund that aims to invest in NFTs alone and is backed by some of the biggest names in the industry like Reddit’s Alexis Ohanian and Andreessen Horowitz.

NFTs are unique tokens that can be used to prove ownership over digital assets and they became a way for digital artists to showcase their talents and make a profit with billions being poured into NFTs today. Last month, $4 billion in NFT sales occurred while in 2021, the figure reached $21 billion. There also seems to be a growing interest in the market among large investment funds like billionaire entrepreneurs such as Andreessen.

As recently reported, Andreessen Horowitz is a major venture capital company in the crypto space and now the company is giving ideas to governments about how crypto should be regulated. Andreessen Horowitz proposed a new idea for regulating the crypto space and after watching crypto exchanges such as Binance, FTX, and Coinbase, the venture capital firm wanted to contribute and produce its own recommendations. In a document titled “How to Build a Better Internet: 10 Principles for World Leaders shaping the Future of Web3” the venture capital company argued for a multi-stakeholder approach for regulation that will include businesses, governments, and civil society groups.

Last October, one of the recipients of the a16z largesse, Coinbase proposed guidelines specific to the US market, and its proposal called for a single federal regulator to oversee the token and market registrations and enforce the consumer protection. Later that fall, FTX released its own policy document which was focused on US regulations but could apply to other jurisdictions as well. Other crypto companies all issued guidelines as well such as Ripple which is still fighting a case against the SEC.

Andreessen Horowitz hires engineers for its a16z crypto division. The venture capital firm is a founding member of the organization behind the Facebook Diem crypto project and made sure that there will be something good coming out of that investment that hasn’t brought any result so far. The two lead engineers for Facebook’s Novi Wallet will be used to hold a dollar-based stablecoin that is issued by the Diem association which Facebook created and they are now moving into senior roles at a16z Crypto.