a16z Crypto Leads $50 Million Funding Round for VeeFriends NFTs

a16z Crypto Leads  Million Funding Round for VeeFriends NFTs

a16z crypto — the cryptocurrency-focused arm of venture capital firm Andreesen Horowitz — is leading a $50 million funding round for the VeeFriends Non-Fungible Token (NFT) project. The funding will help VeeFriends expand its “creative, technical and experiential operations” to support the growth of the Web 3 ecosystem.

Learn about VeeFriends

A16z general partner Chris Lyons explains company’s interest in VeeFriends in announcement Wire Thursday.VeeFriends is a series of NFTs launched by Gary Vaynerchuck, the popular social media entrepreneur and CEO of VaynerMedia. He regularly produces inspirational and business-oriented content for his YouTube audience.Vaynerchuck has developed a strong interest in web 3 over the past year, creating a series of educational content on blockchains, NFTs and their importance.His VeeFriends collection aims to capitalize on web 3 through “meaningful intellectual property and extraordinary community,” the VeeFriends website

The collection consists of childish hand-drawn animal cartoons based on “meaningful attributes” such as tolerance, patience and authenticity. These are traits Vaynerhcuk often advocates in his regular content.

“VeeFriends NFTs come to life through motivating storytelling and creative on-chain character development,” Lyons said.

NFTs are unique digital blockchain tokens without any equivalent. Although NFTs are often sold in sets of hundreds or thousands at a time, each token typically contains properties that make them slightly different from other tokens.


Therefore, such tokens can be used to create digital collectibles, or represent other non-fungible assets. VeeFriends in particular provides holders with various utilities, such as providing access to live events such as VeeCon.

Web 3 on Bitcoin

One common thread between a16z and Vaynerchuck is their relative disinterest in bitcoin, rather than blockchains, NFTs, and decentralized applications more broadly.

“I’m kind of dismissive because I don’t like finance, I don’t like financial arbitrage. I don’t really understand basic financial concepts,” Vaynerchuck Tell Yahoo Finance’s November report on Bitcoin.

In contrast, the value of Ethereum is a direct click from the entrepreneur. “I know something is happening where people collect digital stuff,” he said.

Unlike Bitcoin, Ethereum allows tokens and other financial assets such as NFTs to be created on-chain. Bitcoin NFTs exist only on sidechains.

In a similar fashion, a16z published a lengthy Report In May, regarding the adoption of web 3 in 2022, there was no mention of Bitcoin, but Ethereum was often mentioned. Twitter co-founder Jack Dorsey lash out Venture capital firms take this approach, preferring put up But on top of Bitcoin.

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