Auction house Christie's launches a fund to invest in Web3

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British auction house Christie'slaunches an investment fund, Christie's Ventures, which is focused on Web3 projects related to art objects and technologies for their consumption.

The fund will cooperate with portfoliocompanies to accelerate their development and at the same time promote their activities in the field of art sales. The auction house will focus on three areas: Web3 innovation; financial products related to art; as well as technologies for their consumption. 

Christie's also announced the creationits first portfolio company, LayerZero Labs. The company aims to unite the cross-chain developer community to create decentralized applications that can freely interact with different blockchains.

According to the co-founder and CEODirector of the auction house Bryan Pellegrino, the company is ready to start working with the team to jointly create innovative products aimed at interacting with multiple blockchains.

Christie’s Ventures has no planscreate something fundamentally new - the fund will improve existing developments, and also focus on solving real business problems and improving the quality of customer service. The company is betting big on the art market, so expect more NFT projects.

The auction house previously entered into a partnership with popular NFT trading platform OpenSea, in which Christie’s experts will oversee special auctions.