London-based British auction house Christie’s has announced its undisclosed investment in LayerZero, the first ever commitment it will be made through its new investment arm- Christie’s Ventures.
As revealed by the company, Christie’s Ventures will deploy funds to back emerging tech startups and financial innovations that are relevant to the art market.
“As a global leader in the art market, Christie’s has both an incentive and a responsibility to further innovation and deepen experiences for our clients,” said Ben Gore, Christie’s Chief Operating Officer, adding that “the intersections of technology and financial products are increasingly relevant and prevalent, and we believe strongly in the opportunities ahead. For the companies we select to work with, as well as for our clients, the Christie’s Ventures value proposition combines the power of our brand and capital together with our network and expertise; it is another example of the formidable Christie’s Advantage.”
The new Christie’s Ventures offshoot will be led by Devang Thakkar, who said the investment arm will “focus on products and services which can solve real business challenges, improve client experiences, and expand growth opportunities, both across the art market directly and for interactions with it.”
Christie’s has always been setting the pace when it comes to embracing digital innovations. The company signalled its full backing for the digital currency ecosystem and Non-Fungible Token (NFT) offshoot when it helped auction Mike Winkelmann’s record-breaking NFT collage dubbed Everydays: The First 5000 Days.
The NFT was later revealed to be acquired for $69.3 million by Metakovan. Per the ultimate goal of Christie’s Ventures, any startup with the promise of advancing arts reach will be getting financial and professional support.
More major industry players across both Web2.0 and Web3.0 are floating funds through which they plan to invest heavily in Web3 initiatives. With the investment into LayerZero, Christie’s has revealed how willing it is to deepen its ties in the nascent blockchain world.
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