A16Z leads 25 million dollar collection for NFT-focused CO: Create protocol

A16Z leads 25 million dollar collection for NFT-focused CO: Create protocol

Andreessen Horowitz (A16Z) led a $ 25 million round to finance the introduction of CO: Create, a new protocol that supports the growth of NFT projects and should enable them to launch their own native tokens. Vaynerfund, Not Boring Capital by Packy McCormick, Amy Wu, Head of Ventures and Gaming at FTX, RTFKT and Fractional.art took part in the round.

Since the Bored Ape Yacht Club (BayC) from Yuga Labs launched the Ethereum Utility Token Apecoin (APE), the larger Web3 community has been seeing the potential to tack to the performance of NFTS (non-fungable tokens). Apecoin is a governance token for the Ape Dao, which was introduced by BayC in the first year and recently hired to participate in a virtual sale.

Blockworks spoke to Tara Fung, the co -founder and managing director of Co: Create, who said that the trend towards native tokens will "stop".

"There is a lot of potential in NFTS that still has to be implemented. And it is an indication that the room is still understood," said Fung and added that she hopes that Co: Create can "serve as a core component of the tool and infrastructure layer to support the visions of other creators".

In addition to the provision of the tools and infrastructure for web3 brands for the issue of native token, Co: Create aims to manage and integrate communities through decentralized autonomous organizations (DAOS) and at the same time promote the growth of dapp ecosystems around their collections.

According to Fung, Co: Create is about releasing the potential of NFTS and going beyond drops and sales. Fung is optimistic about the power of decentralized governance and names Apecoin as an example of a tool that makes the BayC ecosystem accessible to a wider audience through its meta-verse and game strategies.

In a explanation shared with blockworks, Chris Dixon, General Partner at A16Z Crypto, said that the CO: Create protocol "creates the right way to design and implement the most demanding components of successful NFT communities". He added that the industry “first begins to estimate, for which a motivated and committed NFT community is capable of”.

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The contribution A16Z Leads $ 25m Raise for NFT-FOCUSED CO: Create Protocol is not a financial advice.