Nick Tomaino says NFTs will ‘flip cryptocurrencies,’ launches new $100M fund
- 1confirmation have launched a $100 million dedicated fund for NFTs.
- The crypto focused venture firm's founder is bullish on the NFTs space, saying they could flip crypto.
- The firm has over $1 billion in AUM and has invested in some big projects like Coinbase and Opesea.
Nick Tomaino, the founder of crypto-focused investment firm 1confirmation, says non-fungible tokens (NFTs) have a great future ahead as an asset, despite the current outlook.
Tomaino, whose venture fund launched in 2017 with $5 million and has grown to over $1 billion in assets under management (AUM), even believes NFTs could go on to “flip cryptocurrencies” within a few years.
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After debuting the crypto fund in 2017, 1confirmation has launched one specifically targeted at NFTs.
New fund dedicated to NFTs
According to Tomaino, some of the world’s most innovative tech products have often had to wade through the institutional perception of being too risky.
However, it’s these products that attract the biggest institutions a few years down the line after great development by early adopters. As happened with Bitcoin, Tomaino believes the industry will see similar projections with NFTs.
And he thinks the whole NFTs space has the potential to be even bigger.
The new 1confirmation NFT Fund, with an initial investment of $100 million, will benefit some of the market’s top collections, including Punks and Nouns. However, 1Confirmation is primarily targeting investments in new projects across gaming, art, music and photography among others.
The NFT fund has a 10-year life, which allows 1confirmation the opportunity to go for long-term NFT investments likely to have 20x+ venture upside.
1confirmation has over the last few years invested in several top projects within the budding industry, including crypto exchange Coinbase, NFT marketplces OpenSea and SuperRare and decentralized exchange protocol dYdX.