Operator-Led Venture Capital Firms Velvet Sea Ventures and 01A Team Up With PUNKS Comic and Universe Developer MetaHero to Create the First NFT Multi-Franchise Development Platform
NEW YORK, 02 Feb. 2022 (GLOBE NEWSWIRE) — Pixel Vault, Inc. today announced a $100 million investment by Velvet Sea Ventures and 01A to launch the first multi-franchise NFT development platform that enables artists, creators and collectors to participate in the ownership of digital content. The new company will support the growth of crypto-native communities across a wide variety of mediums – NFT, TV and movies, video games and more.
Since launching in May 2021, Pixel Vault NFTs have generated nearly 100,000 ETH in primary and secondary transactions, making it one of the most popular NFT collectible projects in history behind only Yuga Labs. developer of the Bored Ape Yacht Club franchises, and Larva Labs, creator of the Cryptopunks. The newly launched company is home to the popular NFT franchises of Pixel Vault, PUNKS Comic and MetaHero, which offer collectors the ability to buy, sell and trade characters and vote on major universe developments.
“Pixel Vault projects are built with key Web3 principles at the center – community empowerment, decentralized governance, and true digital ownership,” said Pixel Vault, Inc. founder and CEO GFunk, aka Sean Gearin. “We don’t see the fan as the customer – our fans are the owner and the builder.”
“I purchased 10 PUNKS Comics at the initial public sale and was fascinated by Sean’s unique view at the time that NFTs are the medium, not the product,” said Michael Lazerow, partner at Velvet Sea, who joined Pixel Vault’s board of directors as part of the transaction. “Intellectual property is the product. And Pixel Vault is building it in close partnership with its committed community of passionate collectors, of which I am a proud token-carrying member.
2021 will be remembered as the breakthrough year for NFTs, with total sales surpassing $25 billion, according to DappRadar. Pixel Vault has been at the forefront of growth with several milestones:
- 104,000 unique Pixel Vault NFTs generated almost 100,000 ETH in total transactions
- Pixel Vault launched a one-of-a-kind serialized media property, PUNKS Comic, and successfully sold out all editions
- Pixel Vault’s second project, MintPass, sold 10,000 MintPass NFTs, each redeemable for a MetaHero hero or villain
- Pixel Vault launched the MetaHero universe, a metaverse ruled by the thousands of fans who bought membership tokens
- Pixel Vault spearheaded a groundbreaking partnership between PUNKS Comic, Bored Ape Yacht Club, GMoney and Adidas. 30,000 NFTs, worth $24 million, sold in less than an hour
- Pixel Vault has signed an agency deal with WME to develop Hollywood and brand partnerships
Pixel Vault has agreed to be an initial launch partner on the Coinbase NFT marketplace. “Sean’s progress over the past year has been amazing,” says Adam Bain, 01A’s managing partner who has agreed to act as an advisor and observer to the board. “No other team in the NFT space works better with creating long-term value for collectors. I am honored to help Pixel Vault in this new phase of its growth.
GFunk adds, “I could have worked with many different companies. I specifically selected Velvet Sea and 01A for two simple reasons. First, they have believed in this project from day one and have been active and engaged members of the community from the start. And second, 01A and Velvet Sea have experience in funding and building widely recognized global internet brands. I couldn’t have found more suitable partners.
Pixel Vault is the second recent collaboration between 01A and Velvet Sea. The companies co-led a $25 million Series A investment in NFT Marketplace Autograph, which earlier this month announced the closing of a Series B funding totaling $170 million co-led by a16z and Kleiner Perkins.
About Pixel Vault
Pixel Vault, Inc. is a Web3-centric media company focused on developing narratives and stories that elevate crypto-native assets across a variety of mediums. Through unique on-chain mechanics, decentralization, and game theory, Pixel Vault aims to engage collectors with their NFTs and build a robust ecosystem for collections. The Pixel Vault team has expanded the history and lore of some of the channel’s most beloved static assets through PUNKS comics, an NFT comic that seeks to bring NFT Cryptopunks and other on-chain assets to life. Additionally, Pixel Vault is the creator of the MetaHero Identitiesa blockchain-based collection of villains and heroes, and the MetaHero universe, a social and gaming platform governed by the planet token holders.
About Velvet Sea Ventures
Velvet Sea Ventures is an operator-led venture capital firm that goes beyond capital to help entrepreneurs realize their visions. Built by a family of entrepreneurs, VSV combines seed-stage capital investment through growth with hands-on, hands-on strategic support and advice. Velvet Sea Ventures’ current portfolio companies include Scopely, eToro, Liquid Death, LeoLabs, Autograph, Strigo, SuperRare, Elementus, and Pixel Vault. A full list of portfolio companies can be viewed here.
About 01 Advisors
01A is a venture capital company whose goal is to help companies grow once they are suitable for the product market. Founded in 2018 by former large-scale operators, Dick Costolo (former CEO of Twitter) and Adam Bain (former COO of Twitter), the company takes a unique approach to coaching and advising CEOs by performing multi-stage investments in Consumer, Fintech, Gaming, Web3, and B2B companies. Learn more about www.01a.com