Crypto firm Delphi Digital launches ‘on-chain’ NFT fund
Crypto research and venture firm Delphi Digital has launched an “on-chain” fund to invest in non-fungible token (NFT) projects.
The fund, dubbed Delphi InfiNFT, is based on the decentralized investing protocol Syndicate. O-chain means it is built using smart contracts and would operate on the protocol.
“It will enable automation of deposits, cap table, distributions, fund management, reporting, etc.,” Anil Lulla, co-founder and COO of Delphi Digital, told The Block. “This will also make our investments transparent for others to see.”
Delphi Digital has collaborated with the pseudonym NFT investor Gmoney for the fund, who earlier this year bought a CryptoPunk NFT for $176,000, a record price at the time. Gmoney and Delphi Digital would co-manage the fund.
They look to make a total of around 20 investments through InfiNFT, 3-5 investments per month, investing $250,000 on average. They are targeting projects that are creating NFTs and are building new NFT technology to improve the ecosystem.
InfiNFT is backed by IDEO CoLab Ventures, Calvin Liu of Compound Finance and Divergence Ventures, Jeffrey Zirlin of Axie Infinity, an NFT-based game developer, Andy Chorlian of NFT protocol Fractional, Gabby Dizon of Yield Guild Games, and others.
NFTs are here to stay, according to Lulla. They are “more than just a new revenue stream for creators,” he told The Block. “They can be used to move the relationship between creators and fans from one of consumption to one of collaboration.”
“It’s difficult to overstate just how impactful this can be on society long-term,” said Lulla.
Published By : The Block