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A16z Leads $25M Fundraiser For NFT-Focused Co:Create Protocol – Crypto News Australia

  • Co:Create is a B2B oriented company that advises Web3 brands
  • Other seed round participants include VaynerFund, Packy McCormick’s Not Boring Capital, Amy Wu, RTFKT and

Andreessen Horowitz (a16z) led a $25M seed round to fund the launch of Co:Create, a new protocol designed to help NFT projects grow and allow them to bring their own native tokens to market . VaynerFund, Packy McCormick’s Not Boring Capital, Amy Wu, Head of Ventures and Gaming at FTX, RTFKT and participated in the round.

Ever since Yuga Labs’ Bored Ape Yacht Club (BAYC) launched the Ethereum utility token ApeCoin (APE), the larger Web3 community has seen the potential of tying a token to the performance of NFTs (non-fungible tokens). . ApeCoin is a governance token for the Ape DAO launched in year one by BAYC and recently committed to participate in a virtual land sale.

Blockworks spoke to Tara Fung, co-founder and CEO of Co:Create, who said the trend towards native tokens “will continue”.

“There is a lot of potential in NFTs that still needs to be realised. And it’s an indication that the space is still evolving,” Fung said, adding that she hopes Co:Create can “serve as a core component of the tools and infrastructure layer to support the visions of other creators.” .

In addition to providing the tools and infrastructure for Web3 brands to issue native tokens, Co:Create aims to govern and engage communities through decentralized autonomous organizations (DAOs) while fostering the growth of dApp ecosystems around their collections.

According to Fung, Co:Create is about unlocking the potential of NFTs and going beyond drops and sales. Fung is optimistic about the power of decentralized governance, citing ApeCoin as an example of a tool that is bringing the BAYC ecosystem to a wider audience through its metaverse and gaming strategies.

In a statement shared with Blockworks, Chris Dixon, General Partner at a16z crypto, said the Co:Create protocol “puts creators on the right track to design and implement the most sophisticated components of successful NFT communities.” He added that the industry is “only beginning to appreciate what a motivated and engaged NFT community is capable of.”

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A16z Leads $25M Raise for NFT-focused Co:Create Protocol post is not financial advice.

Source: Crypto News Austria

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