- Spencer Ventures has raised $4.5 million from multi-billion family offices based in Chicago and the Midwest.
- An NFT-focused venture capital firm has decided to step out of its stealth to take advantage of the bear market.
- According to founder and fund manager Spencer Gordon-Sand, investors looking to increase their digital exposure are turning to NFTs.
Spencer Ventures announces exit from stealth with $4.5 million in funding from a family office managing $10 billion in assets. According to reports, his 30 investors in Chicago and the Midwest United States contributed to his $4.5 million financing.
Spencer Ventures is a crypto venture capital firm focused solely on the non-fungible token (NFT) market. The founder of the company said his manager directed investors to cash out their investments last November and when the market peaked in December, he said.
But Spencer now thinks it’s the right time to invest in a bear market, reports Blockworks. Quote Exclusive interview with Gordon Sand.
“For me, NFTs are the first really fascinating thing outside of the core technology of Ethereum and Bitcoin that I am seeing people building real companies and creating real value,” he said of Valuable Youth. I mentioned the case. NFTs Exists compared to BTC and ETH.
NFTs are commonly described as digital representations of artwork, music tracks, video clips, or JPEGs stored on the blockchain.
The digital collectibles sector started trending in early 2021 with the arrival of blue-chip collections such as Cryptopunks and Boad Ape Yacht Club, sparking an influx of celebrities into the industry.
Since then, major brands such as Nike, Gucci and Adidas, among the top players in the field, have signed up their customers to web3.
Recently, the web3 company has found a way to make digital collectibles an integral part of it. metaverse (A 3D virtual space where people can interact immersively. gamelive concerts and other experiential activities).
Gordon-Sand believes that NFTs and Decentralized Autonomous Organizations (DAOs) present exciting opportunities for crypto-native ventures. He has invested only 20% of his capital in the company since the second half of this year, according to reports.
Among the NFT collections in his portfolio are Moonbirds, Boring Monkeys, Mutant Apes, and Punks, which he said he bought “for culture.”
“People see me buying punk, they know I have liquidity, and they message me when I want to sell an interesting chalice (a rare item) that’s hard to move.” Gordon Sand said.
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