A16z Leads $50M Seed Round for Gary Vaynerchuk’s NFT Project

VeeFriends will use the investment to further build out the NFT characters’ intellectual property rights

article-image

Gary Vaynerchuk | Source: Shutterstock

share

key takeaways

  • VeeFriends’ current price floor is 7.18 ETH
  • The 24 hour trading volume is 51.205 ETH, up nearly 28%, with seven sales

Venture capital firm Adreessen Horowitz (a16z) said it’s leading a whopping $50 million seed round for Gary Vaynerchuk’s NFT project, VeeFriends — marking a bright spot in a challenging funding landscape for digital asset-focused startups. 

Celebrity influencer 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 the 283 VeeFriends characters, according to a Medium post. The platform also plans to make new hires. 

Chris Lyons, general partner at Andreessen Horowitz, tweeted additional details about his firm’s backing of the “growing Web3 company.” A spokesperson for Vaynerchuk declined to comment.

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

Loading Tweet..

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

Lyons found some of those “meaningful attributes for humanity” — tolerance, patience and authenticity — to be inspiring to the community.  

Each token grants admission to the VeeCon conference, the first of which took place this May in Minneapolis. The tokens are categorized into three tiers and rarity is broken down by background color and level of access to VeeCon and to Gary Vaynerchuk.

VeeFriends said the collection had amassed over 200,000 ETH in primary and secondary sales in its relatively short lifetime. It is in the top 30 collections with the most trading volume of all time on OpenSea.

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

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


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

Launching cryptocurrencies the old fashioned way may soon make a return

article-image

Kraken and CertiK brought their beef to social media after Kraken said researchers exploited $3 million through a bug

article-image

NVIDIA’s historic run is only deepening the divide between mega-cap tech stocks and the rest of the market.

article-image

EIP-7702 was quickly adopted for the next Ethereum upgrade, but developers haven’t quite locked it down