A16z leads $50 million round for Gary Vaynerchuk’s NFT project

A16z leads $50 million round for Gary Vaynerchuk’s NFT project

  • The current price of VeeFriends is 7.18 ETH
  • 24-hour trading volume is 51,205 ETH, up nearly 28%, with seven sales

Venture capital firm Adreessen Horowitz (a16z) said it is leading a massive $50 million seed round for Gary Vaynerchuk’s NFT venture VeeFriends — marking a bright spot in a challenging funding environment for startups focused on digital assets.

Celebrity influence and VaynerMedia CEO Gary Vaynerchuk, or Gary Vee, launched VeeFriends in May 2021.

VeeFriends intends to use the seed capital to expand its intellectual property (IP) across physical and digital platforms of 283 VeeFriends characters, according to to the middle post. The platform also plans to hire new workers.

Chris Lyons, general partner at Andreessen Horowitz, tweeted further details about his firm’s support for “a growing Web3 company.” A spokesman for Vaynerchuk declined to comment.

Claiming that VeeFriends “represents the ethos of entrepreneurship,” Lyons also praised Vaynerchuk’s “commitment to supporting the personal development of its community members.”

Vaynerchuk hand-drew each cartoon animal—for example, the “wise wasp” and the “generous gerbil”—in the style of doodle art and gave it a specific human trait. Seventeen such characters were presented in a special edition of UNO.

Lyons found that some of those “significant attributes of humanity”—tolerance, patience, and authenticity—are inspiring to the community.

Each token grants entry to the VeeCon conference, the first of which was held this May in Minneapolis. Tokens are categorized into three tiers, with rarity broken down by background color and level of access to VeeCon and Gary Vaynerchuk.

VeeFriends he said the collection has raised over 200,000 ETH in primary and secondary sales in its relatively short lifetime. It is in the top 30 collections with the highest traffic of all time on OpenSea.

A new collection, VeeFriends Series 2, was released with new characters earlier this year. Part of the utility of the second collection is the collectible card game.

A16z also recently LED a $25 million seed round to fund the launch of Co:Create, a new protocol that aims to support the growth of NFT projects and allow them to launch their own native tokens. VaynerFund, Vaynerchuk’s investment fund, was also an investor.


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  • A16z leads $50 million round for Gary Vaynerchuk’s NFT project
    Ornella Hernandez

    Blockworks

    Reporter

    Ornella is a multimedia journalist from Miami covering NFT, metaverse and DeFi. Before joining Blockworks, she reported for Cointelegraph and worked for TV outlets such as CNBC and Telemundo. She originally started investing in Ethereum after hearing about it from her father and hasn’t looked back. He speaks English, Spanish, French and Italian. Contact Ornella at [email protected]



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