a16z-Backed Projects Sold Tokens and NFTs, Contrary to Claims by General Partner Chris Dixon

a16z-Backed Projects Provided Tokens and NFTs, Contrary to Claims by Standard Partner Chris Dixon

a16z-backed initiatives sold tokens and NFTs to the final public opposite to claims by Chris Dixon, a total accomplice at the project capital firm.

In the course of a most modern look on the New York Cases podcast Hard Fork, Dixon defended his firm’s investment thesis and the initiatives they give a rob to.

“No company we’re concerned with — nor would we allow them to try this — sells tokens to the final public,” he said.

However, a evaluation of a16z’s investments shows that this divulge would now not preserve as a lot as scrutiny.

a16z-Backed Projects Provided Crypto Tokens

Several companies and initiatives backed by a16z possess sold crypto tokens or digital property to the final public.

One such company is DFINITY, the corporate within the back of internet computer tokens (ICP).

The mission dispensed tokens to people who made “donations” to the DFINITY foundation, contradicting Dixon’s assertion that a16z-backed companies develop now not promote tokens to the final public.

Fei, an algorithmic stablecoin protocol, is one other a16z investment that challenges Dixon’s divulge.

Fei sold both the FEI token and the TRIBE governance in its Genesis Match.

Subsequently, a court settlement chanced on this to be a sale of unregistered securities, further undermining Dixon’s assertion.

Sky Mavis, the developer within the back of the licensed game Axie Infinity, is yet one other a16z-backed mission that sold tokens to the final public.

The AXS token changed into made readily accessible for aquire on Binance Launchpad, straight contradicting Dixon’s divulge.

a16z-Backed Firms Provided NFTs

It’s value noting that several companies in which a16z has invested possess publicly sold NFTs.

Basic examples consist of VeeFriends, a platform old by entrepreneur Gary Vee to promote his NFTs, and PROOF, the corporate within the back of the PROOF Collective, which auctioned NFTs to the final public.

Yuga Labs, the firm within the back of Bored Apes, has also engaged within the final public sale of NFTs.

Based in 2009 by Marc Andreessen and Ben Horowitz, a16z is a non-public project capital firm based completely in Menlo Park, California.

The firm has been an early and influential participant within the crypto house, backing a gigantic fluctuate of initiatives and companies that glance to leverage blockchain skills.

One amongst their earliest and most essential investments changed into in Coinbase, a leading cryptocurrency alternate, which they funded in 2013.

Understanding the inspiring nature and capacity of blockchain skills, a16z launched dedicated crypto funds.

The first such fund changed into announced in 2018, with a gargantuan commitment of $300 million, adopted by subsequent funds, attracting even greater investments.

a16z’s crypto investments had been diverse, covering a form of segments of the blockchain ecosystem.

These investments consist of infrastructure initiatives devour Ethereum, financial companies platforms, NFT marketplaces, and decentralized finance (DeFi) protocols.

In October last year, a16z led a $3.6 million funding round for Freatic, a decentralized info alternate protocol.

Source : cryptonews.com