https://techcrunch.com/2021/10/21/a-nine-figure-fund-for-jpgs/

The NFT craze of the past year has triggered an avalanche of crypto capital flowing into art, trading card games, luxury avatars and digital objects but so far, institutional investment firms have largely been keeping a watchful eye on the blockchain-based goods while reserving their capital pools for equity bets on the platforms behind them.

Miami-based Meta4 Capital wants to buck that trend and put LP dollars into the projects themselves, buying up pixelated toads, digital horses and moderately fatigued apes with investor capital. It’s a bold proposition that many traditional startup investors might scoff at, but the team has already secured a major endorsement — a lead investment from venture capital firm Andreessen Horowitz (a16z). Meta4 is ultimately targeting a $100 million fund anchored by a16z.