NFT

Gary Vee's "VeeFriends" Receives Funding From a16z in $50M USD Round

The funding will go towards further developing the brands 283 characters.

NFT

Gary Vee's "VeeFriends" Receives Funding From a16z in $50M USD Round

The funding will go towards further developing the brands 283 characters.

In an announcement on Thursday, July 28, Andreessen Horowitz (a16z) shared that it was the leading contributor in a $50 million USD funding round for Gary Vee’s VeeFriends. The Web3 company has since reported that it intends to use the newly raised funds to continue the development of its intellectual property (IP), which includes 283 unique characters.

The VeeFriends ecosystem has continued to grow at a rapid pace, now offering three different correlated digital assets like BookGames, VeeFriends 1 collection, and VeeFriends Series 2. Since the IPs launch in May of 2021, the ecosystem has brought in over 200,000 ETH across primary and secondary sales.

In addition to digital assets, VeeFriends recently launched its own physical trading card game, “Compete and Collect.” Upon purchase of VeeFriends Series 2 NFTs, collectors were able to opt-in for delivery of the physical cards at no additional cost. Now, some of the rare individual cards are selling for more than the NFTs themselves.

Not only has the company created a massive ecosystem of collectors, but it has also given them a place to gather and network. Last month, VeeFriends held its first ever token gated VeeCon, which saw the attendance of nearly 7,000 NFT ticket holders.

VeeFriends has also launched a variety of creative collaborations like clothing with streetwear brand Carrots, Uno Cards with Mattel, Blue Label bottles with Johnnie Walker, and crypto hardware wallets with Ledger.

“Gary and the VeeFriends team are building an engaged community through unique content and experiences, tied together through the power of web3,” said a16z General Partner Chris Lyons, adding that “VeeFriends represents the ethos of entrepreneurship, and we’re humbled by the opportunity to support Gary and the VeeFriends community on this journey.”

The fourth and most recent fund launched by a16z, “Crypto Fund 4,” brings with it an additional $4.5 billion USD in resources for the development of Web3 investments. The firm’s Web3 arm now stands at a total of over $7.6 billion USD in crypto funds according to data reported in May — making it one of the largest in the industry.

In other news, Coca-Cola celebrates international friendship day with gifted NFTs.

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