The VC firm explained its interest in the hand-drawn NFT collection on Thursday.
a16z crypto – the crypto-focused arm of VC firm Andreesen Horowitz – is leading a $50 million funding round for the VeeFriends Non-Fungible Token Project. The funding will help VeeFriends expand its “creative, technical, and experiential operations” to support the growth of the Web 3 ecosystem.VeeFriends is an NFT collection launched by Gary Vaynerchuck – a highly popular social media entrepreneur and CEO of VaynerMedia.
The collection is comprised of childlike hand-drawn animal cartoons based on “meaningful attributes” like tolerance, patience, and authenticity. These are traits that Vaynerhcuk frequently advocates for in his regular content. An NFT is a unique digital blockchain token without any equal. Though NFTs are often marketed in collections of hundreds or thousands at a time, each token typically contains attributes that make them slightly different from all others.