Sfermion Raises $100M NFT Fund as Facebook Stokes Metaverse Mania

Sfermion Raises $100M NFT Fund as Facebook Stokes Metaverse Mania

Sfermion, an funding agency from crypto podcaster and analyst Andrew Steinwold, says it has raised $100 million for a brand new fund centered on non-fungible tokens (NFTs), with contributions from Marc Andreessen and the Winklevoss twins.

Steinwold instructed CoinDesk that the fund, dubbed merely “Fund II,” will focus in on the “experiential infrastructure that includes the NFT area.”

It’s a part of Sfermion’s mission to usher within the introduction of the “metaverse” – a digital layer sitting on prime of the actual world, accessible through VR and AR. This kind of factor has been round for years (remember Yelp’s Monocle?), however has but to seize the mainstream creativeness in a big manner.

And whereas some crypto traders have been consciously constructing towards this idea for years, notably throughout the world of NFTs, metaverse fever is spreading far and huge.

Read extra: Decentraland’s MANA Jumps 80% as Facebook Rebrand Fuels Metaverse Bets

Last week, Facebook modified its firm identify to Meta, signalling ambitions to dominate this new avenue of the web; CEO Mark Zuckerberg stated he hopes to see a billion folks within the metaverse a decade from now.

To hear Steinwold inform it, components of the metaverse are already right here – and the remaining is coming whether or not we prefer it or not.

“We don’t notice, ‘Oh my gosh, I’m spending actually all day on my laptop, I’m spending all day on my cellphone,’” he stated. “You nearly don’t even discover it, it’s simply pure. [The metaverse] goes to evolve in an analogous manner.”

Steinwold added that NFTs are key to metaverse infrastructure, since they will present a type of digital possession. “If you don’t have possession, then actually what you will have is a communist-style dystopia,” he stated.

Read extra: This Casino in Decentraland Is Hiring (for Real)

Steinwold has expressed a fascination with what he sees as a “communist” web on Twitter, too. “NFTs … give customers property rights within the digital world,” he wrote in one post. “The web simply went from communism to capitalism (HUGE!)”

Steinwold, a 29-year-old Chicago native, additionally hosts a podcast referred to as Zima Red; previous visitors have included Kayvon Tehranian, the CEO of the NFT market Foundation, and Vignesh Sundaresan (a.ok.a. Metakovan), the investor who paid $69 million for an NFT at Christie’s earlier this yr.

Matthew Roszak, founding father of the tech firm Bloq and a common companion in Sfermion’s Fund II, referred to as Steinwold “the most effective NFT thought leaders and traders on the market.”

Other metaverse believers on board with the fund embrace Andreessen Horowitz’s Chris Dixon and the hedge fund supervisor Alan Howard.



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