Here’s What VeeFriends Will Use Their $50M Seed Fund For!
Here’s what VeeFriends will use their $50M seed fund for! “VeeFriends to date has inspired and convened a community of creatives, entrepreneurs, storytellers, and technologists fueled by these core values.“
The Seed Fund From a16z
Today it was announced that Gary Vee’s NFT project, VeeFriends, has recieved a $50 million seed investment from Andreessen Horowitz venture capital (a16z).
In his post, Chris Lyons, a general partner at a16z, claims that he believes Gary Vee’s VeeFriends to be “a blueprint for effectively leveraging web3 via unique, meaningful intellectual property and an extraordinary community.“
gm! I'm very excited to announce that @a16z crypto is leading a $50M round in @veefriends. We look forward to helping the team fuel expansion plans for its creative, technical and experiential operations that support the growing Web3 community! https://t.co/p2KN3SPMGT
— chrislyons (@ChrisLyons) July 28, 2022
Where The $50 Million Will Go
Since the announcement of their newfound capital injection, the VeeFriends have announced that they will be using the large investment for a number of things to improve their NFT project.
Firstly, the investments will be used to continue building and developing the IP of all the 283 VeeFriends characters. Along with that, the investments will be used to fuel plans to further expand the project as well as recruit more talent and egnineers in the Web3 space to further develop their project,
“The investment will be used to fuel expansion plans for its creative, technical and experiential operations. VeeFriends is building its IP across different multimedia platforms including physical and digital spaces.“ The team stated in their blog.
What’s Next For VeeFriends
VeeFriends NFTs are some of the most popular characters in the NFT space since its launch back in May of 2021. Since then, VeeFriends has been estimated to have made around 200,000 ETH in primary and secondary sales. The collection has also done up to 10 collaborations, inclduing one with Mattel where they made their very own VeeFriends UNO deck.
Despite the collection being rather quiet the past couple of months with little activity, the collection still sits comfortably at the 26th most traded NFT of all time on OpenSea and boasts a floor price of around 7 ETH.
Now, with a huge investment of $50 million, many in the NFT community are expecting more creations and innovations from this NFT collection than ever before.
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