Metaverse-First Blockchain Lamina1 Launches Rolling Fund for Web3 Builders
The layer 1 blockchain is the brainchild of Neal Stephenson, who coined the term "metaverse" in 1992, and Peter Vessenes, co-founder of the Bitcoin Foundation.
Lamina1, the metaverse-focused layer 1 blockchain dreamed up by science-fiction author Neal Stephenson and blockchain expert Peter Vessenes, is launching the Lamina1 Ecosystem Fund (L1EF) to provide Web3 builders with a capital-raising tool for their open metaverse ventures and to offer investors a chance to get in on projects at the ground level.
Led by Vessenes, the company said in a press release its first-of-its-kind publicly accessible ecosystem fund "is designed to provide broad economic access to global accredited investors looking to support the next era of the internet."
"Lamina1 is in a unique position given the incredible volume of inquiries we receive from those building the open metaverse every day,” said Vessenes. "The team has a front-row seat to all happening in the ecosystem and essentially gets a ‘first look’ at what many of the most compelling creators and storytellers of our time are doing, building, making, and producing around the world."
L1EF has launched on AngelList, a venture platform that allows startups to raise money from angel investors. Notably, the platform offers rolling funds, which allow interested investors to fund projects through quarterly subscriptions. L1EF is offering a subscription starting at $2,500 quarterly over a minimum period of four quarters.
"Layer 1 teams build infrastructure and in turn experience creators utilize that infrastructure," the Lamina1 team explained on its fundraising page. "Ecosystem funds bridge the gap between the two, providing capital, talent, and advisory to those who wish to use the chain. In exchange, these funds have the privilege of being able to make broad-scale investments in the earliest stage of a blockchain’s lifecycle."
In an investor letter, Vessenes said that he hoped L1EF would serve the goals of Lamina1 in creating an "open metaverse built and to deliver economic access to the platform as broadly as possible."
Along with Vessenes, the project has onboarded former Magic Leap executive Rebecca Barkin as its president, music industry and arts executive Jessica Toon to lead its music investments and Aspen Institute Fellow Christine Keung.
While Lamina1 is still in its early stages, the project will soon launch a testnet showcasing future use cases.
"[Vessenes] has a deep understanding and demonstrated success of growing economies around a chain," said Barkin. "And his approach to grant builders early access to capital – right as we’re preparing to place testnet in their hands – is in perfect alignment with our mission to build the open infrastructure that brings together the most powerful creative community on the planet."
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