A newsletter on the entrepreneurs and projects putting control of power in the hands of the people
NFTs have captured mainstream attention in a way that nothing else has in the 12+ year history of our industry. Opensea is one of the fastest growing online marketplaces ever with $7.5B+ in exchange volume so far this year. Financial institutions like Visa are buying NFTs, old school auction houses like Christie’s and Sotheby’s are selling NFTs and big companies like Coinbase are now trying to get in the game. Despite all the momentum and attention this year, only ~500K people in the world have bought or sold an NFT to date. If you’re reading this you may feel like you’re late, but the truth is you’re still quite early.
1confirmation bet big on NFTs back in 2018 when we led the Opensea seed round (see our investment memo here). We also led the SuperRare seed round in 2020 and were one of the first investment firms in the world to buy an NFT earlier this year. We’ve been quietly buying NFTs since and recently shared our framework for investing in this new asset class: We Like the Nouns