Christie's launches venture fund and makes first investment in web3 company
Christie's has launched a venture fund for investments that "ensure seamless consumption of works of art." The first investments will be made in a blockchain interoperability startup called LayerZero Labs.
Christie's, a well-known British company dealing with art and luxury goods, has launched an investment fund aimed at supporting new technological and fintech companies related to the art market.
According to the company's statement, the new fund, called Christie's Ventures, will initially focus on three areas: web3 innovation, art-related financial technologies, and other solutions that "ensure unhindered consumption of works of art."
The venture division's first investment is related to LayerZero Labs, an interconnection protocol that makes it easier for clients to move assets between different blockchains. The company did not disclose the size of the venture fund or the amount it invests in LayerZero Labs.
"We will focus on products and services that can solve real business problems, improve customer service and expand growth opportunities both directly in the art market and in interaction with it," said Devang Thakkar, Global Health of Christie's Ventures.
This is not Christie's first experience in the field of web3 and the crypto industry. In March 2021, the platform auctioned its first non-interchangeable token (NFT), created by the artist Beeple, for $69 million. Since then, he has held a number of additional NFT auctions. In December, the company entered into a partnership agreement with the NFT OpenSea trading platform to curate the first Christie NFT online auction.
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