Accelerate Financial Launches NFT Fund, Sees Prices Bottoming
The fund will own a mix of NFT collections, including CryptoPunks and Bored Ape Yacht Club.
Jun 28, 2022 at 12:30 p.m. UTCUpdated May 11, 2023 at 4:16 p.m. UTC
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Alternative investment firm Accelerate Financial Technologies is starting a non-fungible token (NFT) fund in a bid to capitalize on longer-term growth in the Web3 ecosystem.
- The Accelerate NFT Fund LP will open for business tomorrow, with plans to own a mix of “blue chip” NFTs, including CryptoPunks and Bored Ape Yacht Club collections, according to a company statement.
- “We are still in the first inning of the growth of Web3 and believe the best way to gain exposure to Web3 is through blue-chip NFTs,” CEO Julian Klymochko told CoinDesk. “Current blue-chip NFT prices provide long-term investors with potential 10x returns, analogous to bitcoin in 2013.”
- Though he expects NFT and ether (ETH) prices may have bottomed, Klymochko acknowledged the volatility in NFTs as an asset class. Sector drawdowns, he said, will provide strong opportunities for experienced traders.
- Among other offerings from the firm is the Accelerate Carbon-Negative Bitcoin ETF (ABTC).
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.