Operator-led venture capital firms Velvet Sea Ventures and 01 Advisors (01A) have poured $100 million into Pixel Vault, a huge collection of NFT superheroes which has the goal of growing itself into a crusading decentralized empire. The investment will launch the rebranded version of the multi-franchise NFT entertainment company, Pixel Vault Inc.
The aim of the new venture is to leverage NFTs and intellectual property to document the stories of Web3 ongoings and crypto-community unravellings. They intend to do this via a variety of different mediums, including through films, video games, and television.
The joint venture has been finalized with Michael Lazerow, Co-Founder and Managing Partner at Velvet Sea Ventures, joining Pixel Vault’s board of directors, which features its CEO Sean Gearin (also known as GFunk) and General Counsellor Jacob Wittman. 01A’s Adam Bain accrued a different role, as he will instead serve as a ‘board observer and advisor’.
As expected, the parties have taken to online spaces to express their excitement for the new, pioneering platform. In a recent statement regarding their link-up with the VC giants, GFunk reinforced the fundamental value behind Pixel Vault, that is, that fans are the true owners and builders of everything involved in decentralized governance and digital ownership.
Lazerow, on the other hand, took to social media to chronicle and show admiration for the Pixel Vault story: “The story of Pixel Vault and the story of digital ownership are intertwined and will be written over the next few years. The best thing about Web3 stories are that they can now involve you. If you have been a part of the Pixel Vault community, it has been an epic prologue”.
Irrespective of the fund-raising efforts, Pixel Vault will still own 100% of the IP, assets and operations associated with its previous mega-hit projects, such as PUNKS Comic and MetaHero, and will also continue to do so for all future franchises.