Christie's Art Auction House bets big on Web3, launches investment fund
Art Auction House
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Christie's Art Auction House bets big on Web3, launches investment fund
Venerable auction house Christie's has entered the intersection of art and finance with the founding of Christie's Ventures, an investment fund for fintech companies looking to achieve success in the arts market.Christie's is also famous in crypto circles for auctioning off art treasures by Van Gogh and most recently NFT art by Beeple, the first blog post by Wikipedia co-founder Jimmy Wales, referred to as NFT, Also used by iMac. Wells when Wiki was started in 2001.
First Investment in LayerZero Labs
Christie's Venture Capital Fund aims to make investments that "enable uninterrupted art consumption". The new fund will initially focus on three broad categories: Web 3.0 innovation, financial products related to the arts, and solutions and technologies that enable seamless consumption of the arts. The venture fund's first investment will be in Layer Zero Labs, a cross-chain interoperability company with a strong vision and business model.
Layer Zero Labs reduces friction in a customer's ability to move assets between blockchains. The project's co-founder and CEO, Brian Pellegrino, said in a statement: “We look forward to working with their team to find new and innovative ways to create the most accessible, frictionless experience with assets indexed on multiple blockchains."
Christie's has said that its new fund will "work with portfolio companies to help accelerate their progress, as well as advance Christie's activities in presentation, education and sales of fine arts and luxury goods."
According to Devang Thakkar, global head of Christie's Ventures, “We will focus on products and services that can address real business challenges, improve customer experiences and expand growth opportunities, both in the arts. to market directly and interact with it."
Christie's Art Auction House joins crypto world by creating a digital art investment fund. It also launches Christie's Venture Capital Fund with the aim to invest in companies innovating in the blockchain space. In addition, Christie's Venture Capital Fund will make a big splash in the Art market by providing auctions with additional services such as coaching clients to select artworks.