Christie's Announces New Fund, Web3 Company Investment
Christie's, a well-known auction house that has sold NFTs in the past, is creating its own venture fund with a focus on web3 technology, the company announced Monday.
Christie's Ventures will give financial resources and support to "emerging technology" and companies with "art-related financial products," the auction house said in a release. Christie's also announced the fund's first company it is investing in: LayerZero Labs — an omni-chain interoperability protocol. The amount invested was not included in the release.
"We will focus on products and services which can solve real business challenges, improve client experiences, and expand growth opportunities, both across the art market directly and for interactions with it," said Devang Thakkar, the newly appointed global head of Christie’s Ventures, in the release. “Our leadership has provided us with an excellent vantage point thus far and the launch of Christie’s Ventures will allow us to develop further and faster with entrepreneurs who have a strong track record of building great products and companies.”
Christie's has held several auctions both online and live for NFT artwork. Its biggest sale was the $69.3 million auction for Beeple's "Everydays: The First 5000 Days" collage back in March of 2021.