Lamina1, the metaverse-focused first-layer blockchain that was developed by sci-fi author Neal Stephenson and blockchain expert Peter Vessenes, will launch the Lamina1 Ecosystem Fund (L1EF) to offer web creators a fundraising tool capital for their open metaverse companies and give investors the opportunity to participate in the projects from the beginning.
The company, led by Vessenes, said in a press release that its first publicly accessible ecosystem fund “is designed to offer broad, affordable access to accredited investors looking to support the next Internet age.”
“Lamina1 is in a unique position given the incredible volume of inquiries we receive from those who are tasked with creating the open metaverse every day,” Vessenes said. “The team has front row seats to everything happening within the ecosystem and gets a ‘first look’ at what many of the most compelling creators and storytellers of our age are doing, building, creating and producing around the world.”
L1EF was featured on AngelList, a platform that allows startups to raise money from angel investors. In essence, the platform offers rolling funds that allow interested investors to finance projects through quarterly subscriptions. L1EF offers a subscription starting at $2,500 per quarter for a minimum period of four quarters.
“Tier 1 teams build infrastructure, and in exchange for that, experience creators use that infrastructure,” the Lamina1 team explained on their fundraising page. “Ecosystem funds create a bridge between the two and provide capital, talent and advice to those who want to use the chain. In return, these funds have the privilege of being able to make large-scale investments in the early stages of a blockchain.”
In a letter to investors, Vessenes said he hoped L1EF would meet Lamina1’s goals in creating an “open-built metaverse and offering affordable access to the platform as broadly as possible.”
“We will invest in games, fashion, music, art, NFT projects, emerging AI, DeFi, GameFi, DeSoc, virtual machines, layer 2 protocols, identity, data storage, data availability, privacy, payments, DAOs, marketplaces, connections , applications and immersive experiences”, he added.
Along with Vessenes, the project added former Magic Leap executive Rebecca Barkin as its president, music and arts industry executive Jessica Toon to lead her musical investment, and Aspen Institute fellow Christine Keung.
Although Lamina1 is still in its infancy, the project will very soon launch a testnet that will showcase future use cases.
“[Vessenes] has great understanding and proven success in growing economies around the chain,” Barkin said. “And her approach to providing creators with early access to capital—just as we’re getting ready to launch the testnet—is perfectly aligned with our mission to build an open infrastructure that brings together the most powerful creative community on the planet.”