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Lamina1, the Layer 1 blockchain company started by Snow Crash author Neal Stephenson, has launched its Lamina1 Ecosystem Fund (L1EF) on venture platform AngelList.
The company cofounded by crypto veteran Peter Vessenes wants to help usher in the metaverse (a term coined by Stephenson in his 1992 novel Snow Crash) with the help of blockchain technology. It’s also holding the Open Metaverse Conference in February.
The new fund serves two goals: to offer global accredited investors a way to gain direct investment access to early stage Layer 1 projects not previously accessible to the general public, and to provide Web3 builders a vehicle for raising capital for their open metaverse ventures prior to mainnet.
Investors and builders can both apply to participate immediately. The fund launch will be closely followed by the much-anticipated launch of Lamina1’s testnet.
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“Lamina1 is in a unique position given the incredible volume of inquiries we receive from those building the Open Metaverse every day,” said Vessenes, in a statement. “The team has a front row seat to all happening in the ecosystem and essentially gets a ‘first look’ at what many of the most compelling creators and storytellers of our time are doing, building, making, and producing around the world. We want to share that front row seat with as many people as possible.”
Led by Lamina1 and Vessenes, L1EF is designed to provide broad economic access to global accredited investors looking to support the next era of the internet. With deep roots in digital currency, tokenization, and blockchain technology, Vessenes has extensive experience launching, leading, and advising highly-disruptive companies in the Web3 space.
To date, Vessenes has served as the first chairman of the Bitcoin foundation, founder of the first VC-backed Bitcoin company, founder of his family office Capital6, cofounder of the early-stage venture capital firm Capital6 Eagle, and cofounder of Lamina1.
L1EF will capitalize on Vessenes’ unique expertise of fostering decentralized economies by offering investors a chance to join him at the forefront of the emerging Open Metaverse economy.
“Lamina1 is in a unique position given the incredible volume of inquiries we receive from those building the Open Metaverse every day,” Vessenes said. “The team has a front row seat to all happening in the ecosystem and essentially gets a ‘first look’ at what many of the most compelling creators and storytellers of our time are doing, building, making, and producing around the world. We want to share that front row seat with as many people as possible.”
Other Lamina1 leaders include Rebecca Barkin, whose entertainment and technology career spans EMI-Capitol Records, Magic Leap, and MSG Sphere; Aspen Institute Fellow, Christine Keung; and career arts and music industry executive, Jessica Toon.
The L1EF fund works by allowing accredited investors to access and co-invest in companies and entrepreneurs through quarterly subscriptions. Investments will be largely focused on the technology and experiences users can access in the Open Metaverse, ranging from immersive computing to open AI at scale.
To support the open metaverse, L1EF is focused on investing in builders and creators who will foster the quality tech and infrastructure necessary to support the protocol, and create immersive experiences that bring Lamina1’s vision of an open metaverse to life. Some of these early stage projects include Layer 2 protocols, DeFi, GameFi, marketplaces, bridges, and many more.
“We’re thrilled to introduce L1EF to serve both creators and investors who are actively promoting the development of an Open Metaverse,” said Barkin, president of Lamina1, in a statement. “Peter has a deep understanding and demonstrated success of growing economies around a chain, and his approach to grant builders early access to capital – right as we’re preparing to place testnet in their hands – is in perfect alignment with our mission to build the open infrastructure that brings together the most powerful creative community on the planet.”
The fund is available for immediate investment on AngelList.
In addition to capital, projects that are part of L1EF will receive early access and support for Lamina1 developer tooling through the forthcoming Lamina1 Early Access Program.
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