The venture capital company 1confirmation announced the launch of a new $100 million fund that would only invest in NFTs.

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About 1Confirmation

1confirmation is a venture capital firm founded by Nick Tomaino and supported by people like Peter Thiel, Marc Andreessen, and Mark Cuban as well as organizations like Horsley Bridge and Runa Capital. It supports exceptional founders who are accelerating the decentralization of the internet and society.

1confirmation, a cryptocurrency investment fund, was founded in 2017 with a meager $5 million in initial funding. However, they presently oversee a $1 billion portfolio.

1Confirmation and its newfound fund dedicated to NFTs

Despite the current decline in the market, 1confirmation’s founder Nick Tomaino wrote in a blog post that NFTs “offer a new business model for content creators and empower consumers to become owners.”

The $100 million NFT Fund, according to Nick Tomaino – Founder and General Partner of 1confirmation, will be used to invest in blue-chip collections like CryptoPunks and Noun, but more significantly, it will be kept to primarily focus on investing in new projects that the fund sees potential. The goal of 1confirmation is to find projects that can succeed in the long term in any area such as games, music, art, and photography.

“While there is a short-term trading culture led by influencers in NFTs today, that’s not our game. We’ve learned from our venture funds that the biggest impact comes from making long-term bets on authentic teams doing new things that are pushing the space forward,” wrote Tomaino in a blog post.
1confirmation acquires assets that they anticipate more people will consider valuable in 5+ years, which is how they have been investing in cryptocurrencies for the past 10+ years. 1confirmation considers the current state of communal belief and speculates on its potential future.

People’s long-term beliefs are far simpler to predict than their short-term whims, according to 1Confirmation, and their fund will invest in NFTs which they believe in.
In the blog, Nick Tomaino stated clearly that NFTs may appear meaningless to outsiders, but they really provide content producers a new revenue model and give users ownership opportunities. he affirmed that 1confirmation’s new fund is devoted to helping the most intriguing producers of games, businesses, art, music, and more who are now eager to use NFTs early in their careers.

Although influencers in NFTs nowadays lead a short-term trading mentality, that is not 1confirmation’s area of expertise. The best results come from placing long-term bets on real teams that are innovating and moving the industry ahead. They will be carefully making long-term investments in this new asset class that they think will have huge potential (20x+) with our NFT fund, which has a 10-year life. Without a question, there will be ups and downs along the road, but they believe this new asset class has a promising future.
This is the first NFT-specific fund run by 1confirmation. Previously, 1confirmation had great success investing in ventures including OpenSea, dYdX, Nexus Mutual, SuperRare, and Acala.

Typically, 1Confirmation contributed $2 million to the seed round of Opensea back in 2018. The venture firm has shown their strong interest in NFTs and the future of a massive boom in non-fungible tokens. The investment in dYdX, Nexus Muatual, SuperRare, and Acala were all following.

The fact that new funds are continually being formed to assist initiatives in the area shows that venture capitalists still view NFTs as a potential asset class, despite the recent fear, uncertainty, and doubt surrounding the NFT space.

In addition to the $100 million NFT financing from 1confirmation, other newly established funds include the $500 million from Immutable X and the $100 million from Solana Ventures.