The founders of public crypto mining firm Argo Blockchain are ready to go public with another stock: an NFT-centric fund that invests in what it calls “high-end” digital assets.
Argo’s co-founders intend to list the fund, NFT Investments, on London-based exchange Aquis (AQSE) later this month — specifically in its growth market catering to relatively risky tech innovation plays.
Through its IPO, the fund wants to raise £10 million ($13.8 million). It’ll use the cash to acquire a portfolio of NFTs, as well as NFT rights and NFT companies.
The fund says its goal is to democratize NFT investing by removing friction in buying, owning, and selling those assets.
A press release notes NFT Investments expects a £25 million ($34.5 million) market value once it goes public.
- NFTs are individually unique digital assets denoting ownership of hosted media, such as images, videos, or music.
- NFT funds collect NFTs — specifically ones they think will appreciate in value over time.
- This one will sell shares to raise money to buy more NFTs, offering investors exposure to their potential value.
In an email to Protos, NFT Investment’s management explained a special “creative advisory board” will curate the fund’s portfolio.
The board will be led by Atari founder Nolan Bushnell, Hollywood insider Zai Ortiz, and independent gaming studio East Side Games’ Jason Bailey.
A fund for discovering NFT artists with social data
The fund told Protos it found correlation between the social following of a digital artist and the value of their NFTs.
So, it’s decided on a “data-driven investment approach” to discover and buy NFTs created by that group.
“We anticipate that returns to our shareholders will be delivered through an appreciation in the value of our portfolio of NFTs, the underlying cryptocurrencies, and the digital NFT rights that we purchase and license,” said the fund’s management.
A spokesperson noted NFT Investments would dedicate a third of its funds to investing in the infrastructure underpinning NFTs, centered on what they called “sustainable and efficient means of powering blockchain technology.”
In any case, the venture appears to be the first ever public fund dedicated solely to the NFT space.
NFT Investments expects to start trading on AQSE on April 19.