Thread by @punk6529

1/ Introducing the 6529 NFT Fund

On October 5, 2021, I laid out a game plan here. It is time for an update on how things are going.

https://twitter.com/punk6529/status/1445468399656595456

2/ The current status update is:

✅ Fund -> launched
ℹ️ 6529 City -> v0.001 (this month I hope)
ℹ️ 6529 Education -> this month, definitely
ℹ️ 6529 Studios -> softer ramp up, maybe this month
ℹ️ 6529 Fam Card -> March (I have some wild ideas)

3/ I will be back on the other topics

Today though, I would like to give an update on the fund, what it is, who is running it, what the objectives are and how it fits into the broader 6529 mission.

4/ In October, I wrote:

"Organized capital is going to come into the space and it is going to come in size. And it will swamp the early native-NFT individuals.

Since this is going to happen, might as well be jujitsu-ed to serve decentralization objectives"

5/ This is happening

There are a handful of funds in the space that have raised, more that are out there raising and, in time, there will be institutional capital in all parts of the NFT space

And because the funds can write big checks, they can influence the space / culture

6/ I wanted to raise a fund with the following characteristics:

✅ NFT-native collector team
✅ Long holding period (10 years)
✅ Will live in decentralized spaces
✅ Maybe, if things break the right way, might possibly turn into a permanent vehicle and never sell

7/ I am happy to inform you that so far, so good on all dimensions.

First, the team.

In addition to me, the collecting committee is:
@krybharat
@batsoupyum
@ac_collecting
@bonafidehan
@phon_ro

And @6529Guardian and @itsjpower provide legal and financial support.

8/ I think for those who know the space well, there is really no need for me to say this, but I will.

The team is passionate about NFTs (obsessed even?), artist-first and deeply committed to decentralization.

9/ The fund thesis is that we believe power laws exist in art & culture, as they do in technology.

Given this, the goal of the fund is to try to buy the best pieces we can, from the collections and artists that we believe are the most likely to make it in the long run.

10/ The thesis itself is not that exceptional - buy the highest quality art you can afford and hold it for the longest time possible - is basically conventional wisdom among big art and NFT collectors.

The hard part is always execution.

11/ A side-note confirming something that I have long suspected.

The overall team is more price sensitive than me, so the internal team chats are always everyone else saying "no, no, 6529, we are bidding lower than that"

😂😂😂

12/ But 6529, didn't you tell us to watch out for institutional traps and, specifically, funds?

Yes, I did and this is partially why I am writing this thread to clarify what I can commit to and what I cannot as it relates to this fund.

https://twitter.com/punk6529/status/1433708919591948309

13/ What I can commit to:

✅ I think we have an NFT-native orientation
✅ Once the portfolio gets put together this year, will have a long holding period (5-10 years we believe)
✅ We will be displaying in decentralized spaces (more soon on this)

14/ What I *hope* happens but cannot commit to is this.

I hope, during the long life of the fund, a compliant and liquid market will emerge that will allow us to tokenize the fund and, therefore, keep the fund collection together.

15/ I have explained my goal of tokenizing the fund to all the limited partners (investors) and they are conceptually on board.

However since such a mechanism does not exist yet, I cannot commit that to them or to you.

But this is my desired long-term outcome here.

16/ To recap:
✅ We hope to buy nice NFTs
✅ We plan to hold them a long time
✅ We plan to do decentralization friendly things with them
✅ If we can pull it off, in time, we hope to tokenize the fund and keep the NFTs permanently decentralized (but I can't promise this yet)

17/ What about the 6529 Museum?

Nothing has changed with the 6529 Museum.

The 6529 Museum is not part of the fund, it is a permanent collection and I am not selling.

In fact, the Museum will keep buying.

18/ The Museum will also generally be buying more experimental work, from more emerging artists than the fund.

I already have some pretty nice punks and Fidenzas for example - don't really need more. 😉

The Museum will continue to buy "what I like" and "what I think is fun"

19/ So, to make things fully transparent to the ecosystem, when "6529" is buying:

6529 Museum: I am the collector, the goal is permanence, broad focus, including emerging artists

6529 NFT Fund: Collecting team decides, long-term hold (maybe permanence), "blue chip" focus

20/ I collect in public, so a reminder of my addresses:

6529 Museum Gnosis Vaults:
opensea.io/6529Museum
opensea.io/6529MuseumActi…

6529 Museum Transaction Wallets:
opensea.io/6529.eth
opensea.io/6529

21/ The 6529 Fund Gnosis Vault for Q1 is here

opensea.io/0x8ba68cfe7155…

There are too many transaction wallets to post given the large team size.

Everything will eventually migrate to the gnosis vault above.

22/ There is one inaccuracy in the above.

"Post Debt" by @XCOPYART is in the 6529 Museum vault but it was bought by the 6529 Fund and it was placed in the museum vault for safe-keeping as it was the fund's first piece.

We will move it at some point.

opensea.io/assets/0x41a32…

23/ The fund investors (LPs).

They are crypto native investors, some very well-known, who believe in crypto, but can't be looking at NFTs all day.

Also, any LP who survived a 6529 lecture, 99% about decentralization, 1% about ROI, and still invested, is basically Team Crypto

24/ The fund is structured as 4 quarterly vehicles in 2022, hosted on @AngelList, and is currently raising for Q2 to Q4 2022.

Given the regulatory structure in the US, this particular fund is only open to "Accredited Investors who are Qualified Clients" & "Qualified Purchasers"

25/ The fully compliant US-based DAOs like @FLAMINGODAO also operate under the same rules and restrictions.

So this will be the most 'institutional' of the 6529 activities, but with a hope even here to find a pathway for institutional capital to end up in a decentralized format

26/ A security note. The fund vault is a Gnosis vault with the keys distributed around the world & *cold*.

So please do not think about stealing the Gnosis keys from a team member.

We don't have the keys, you won't get the JPGs and will just get in trouble instead. 🙏

27/ In a few days, will do a fun thread with cool JPGs that the fund has collected so far.

In the meantime, will keep you all posted on what we are up to.

I have believe it is important to be transparent, so I plan to continue to do so.