Christies
Tue, 26 Jul 2022
  1. By : Nishant Vishwakarma
Christies launches venture fund aimed at Web3 and Blockchain Investments

 

Christies, the auction house is popularly known for its auction of art and luxury items have launched an investment fund arm to assist startup firms with technology enabling “seamless consumption of art.”

 

In a Monday announcement, the auction company said the fund will be named, Christie’s Ventures and will financially support firms in Web3 and Blockchain, “art-related financial products and solutions,” and technology related to art and luxury items. According to Christie, its first investment will be in a startup called LayerZero Labs, a firm with the goal of developing solutions for enabling omnichannel decentralized applications, allowing a smoother transfer of assets between blockchains.

 

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Christies Ventures global head Devang Thakkar said that the company will focus on products and Services which have potential or will assist in solving real business challenges, can improve client experiences and expand growth opportunities across both the art market and for interactions with it.

 

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The move into blockchain-related investments also represents another step for Christie’s to support firms in the Cryptocurrency space. In 2021, the organization hosted an auction for a piece of NonFungible Token (NFT) artwork from Mike Winkelmann, also known as Beeple, raising more than $69 million. Since then, it has held several high-profile sales for NFT artwork and aligned with the OpenSea online marketplace for on-chain auctions.

 

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2022 is shaping up to be a record year for firms in venture funding for blockchain-related technologies firms. As Cointelegraph reported, Blockchain- and Cryptocurrency-focused firms raised $14.8 billion in the first quarter of the year, nearly half of 2021's totals. Although activity has slowed down due to the current Market slump, startups with a focus on Web3 and the Metaverse continue to attract significant capital financing.

 

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