Hivemind launches NFT digital art fund

Hivemind Capital has launched a new fund which will invest in the finest pieces of digital art and generative. The crypto firm bets on the return of NFT.

While the NFT market has been slowly recovering since autumn 2023 following the sharp rise in cryptocurrency prices, venture capital firm web3 Hivemind announced on Wednesday the launch of a fund focused on “blockchain-infused digital art”.

Called the Hivemind Digital Culture Fund, the fund has already raised $25 million of a $50 million target, according to Bloombergand aims to assemble a collection of NFTs emblematic of the digital art movement.

The convergence of AI and blockchain technology with fine art is catalyzing a vast cultural revolution and fostering a distinct art market characterized by its accessibility, interactivity and digital roots. And, with major art institutions such as MoMA, LACMA and Centre Pompidou showing increasing interest in the field, the digital art movement is at the dawn of a new era,” wrote the VC on his blog.

The fund thus offers art collectors the opportunity to diversify their portfolios with NFTs. “At Hivemind, we aim to mitigate these challenges for our investors, offering a simplified yet elegant solution to engage meaningfully with digital art,” explained Richard Skeet, Partner at Hivemind.

Volume on the NFT market increased slightly last November and has stabilized this year with around $300 million worth of tokens exchanged each week, according to Cryptoslam.

Co-founded by Citi alumnus Matt Zhang, Hivemind has launched a major fund dedicated to the crypto sector with $1.5 billion in 2021. Last year, the company launched another fund that invests solely in large-cap cryptos.

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