Non Fungible Fund
The NFT Fund invests in NFT collectibles, platforms, and protocols.
Through active participation in the NFT community and multi-platform social media engagement, the Investment Team strives to learn about exclusive drops before their release.
The Fund takes an analytical approach including analysis based on the rarity of traits, focusing on unique content and scarcity in properties as value drivers.
The Fund may use machine learning to formulate pricing and valuation models for NFTs by studying transaction data off the blockchain.
Intended Investment Allocations 70% Collectibles, 30% Platforms & Protocols
NFT 1.0 In Digital Art & Collectibles
- Displaying NFTs as digital art
- Collecting NFTs created by popular artists
- Trading NFTs as collectibles on the open market
NFT 2.0 In the Metaverse
- Interacting with NFTs in AR/VR
- Unlocking exclusive content or access to games using NFTs
- Using NFTs as avatars or items in the metaverse
NFT 3.0 In DeFi
- Holding NFTs staked with DeFi-enabled ERC20 tokens to generate yield over time
- Using NFTs as collateral to take out loans on DeFi protocols
- Staking NFTs in liquidity pools to create tradeable NFT derivatives
Featured In
Investment Team
David Siemer
Chief Executive Officer
Dave founded Wavemaker Partners, a $470M global venture
fund with a 350 portfolio
company, and Siemer & Associates, a
tech-focused investment bank(
Interests
Analyzing NFT protocols and platforms from a venture capital perspective by evaluating
the value they bring to the
market.
Assessing the influence of branding on the value of NFTs
The impact of sports in the NFTs market (i.e. collectibles, highlights, team
memorabilia)
Les Borsai
Co-Founder
NFT Collection
Les has been an avid collector and early investor of NFTs
since 2017. He has worked with prominent music artists to
release their own NFTs.
Interests
Allowing artists to earn income directly through
their NFT creations in an efficient
manner
NFTs with multifaceted uses beyond solely acting
as a collectible
Using NFTs to generate value in DeFi(e.g. using a
collectible as a hedge against stalked
currency)
Benjamin Tsai
Co-Founder & President
NFT Collection
With a traditional finance background, Ben has tokenized Kentucky
whiskey and is interested in the connection between
NFTs and physical items
Interests
Tokenization of collectibles and physical items such as whiskey, wine and art.
Usage of NFTs in the metaverse either as avatars or accessories to the avatars
Re-energizing old IPs into NFT world from a collectibles basis(Pac-Man, etc.)
JOHN CALDWELL
Partner
NFT Collection
John is a tastemaker and a contributor in the tight-knit NFT
community. He trades, creates and manages communities in
almost every major NFT project
Interests
The intersection of traditional and digital art markets
Historical provenance and relevance of non -fungible assets that exist on-chain.
Generative art ,NFT Photography, gated content and communities that utilize NFTs
ARIC CHANG
Vice President of Venture
NFT Collection
Aric is voracious researcher of NFTs. He participated in
an NFT Hackathon hosted by ETHGlobal in March 2021, winning a
first place prize.
Interests
NFTs that provide a holistic experience by interacting with owners through VR/AR
Studying how NFTs derive value from pop culture, modern art, and memes
The impact of NFTs in the fashion industry from creative and business standpoint
Matthew Linares
Senior Venture Analyst
NFT Collection:
Matthew has been trading NFTs since 2020 starting with CryptoPunks and expanding into art, gaming, metaverse and community driven projects. Matthew co-founded the first Metaverse DAO in 2021 which was eventually acquired by Tribute Labs and is now NEON DAO where he is still an active member today.
Interests:
Community driven projects that use NFT and blockchain technology to allow its holders to push the boundaries of what an organization can offer its consumers in terms of utility and experiences.
How can NFTs be used to better verify ownership in the real world for places including sporting events, concerts, museums, restaurants, amusement parks, etc.?
NFTs present a promising future for artists and musicians, as they offer a means to directly monetize their creations without the need for intermediaries such as galleries or record labels, thereby enabling a direct connection between creators and their fans and collectors.
Gerard Barile
Investment and Venture Principal
NFT Collection:
Gerard is an esteemed thought leader, sophisticated collector, and early investor in the realm of Non-Fungible Tokens (NFTs). His journey began in 2017 when he claimed Cryptopunks and authored insightful articles on NFTs while employed at Accenture. Gerard has since acquired remarkable pieces from distinguished artists such as Claire Silver, Jen Stark, c3nna, and numerous others. His prestigious portfolio encompasses major collections, including Cryptopunks, Art Blocks, and Terraforms. In 2020, Gerard co-founded mDAO (Metaverse DAO) alongside 12 other investors. Subsequently, the organization merged with RTFKT (acquired by Nike) to establish NEON DAO, a dedicated metaverse investment DAO.
Interests:
Gerard exhibits a profound interest in the confluence of communities and NFTs. He is particularly intrigued by artists’ innovative approaches to expanding the boundaries of NFTs and enhancing the collector experience. Gerard closely monitors the impact of NFTs on culture, collectibles, and the evolving dynamics between brands and consumers. Moreover, he investigates the diverse implications of NFTs on individuals across all age groups, aiming to better understand their far-reaching effects.
Our Portfolio Investments
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Risk Factors
Lack of History
Crypto Assets are a relatively recent technological innovation. Bitcoin is widely considered to be the first popular Crypto Asset and was invented in 2009. Other Crypto Assets in which The Fund may invest were created after Bitcoin and, in certain cases, may not be in existence as of the date of this Memorandum. This limited operating and trading history limits the Investment Manager’s ability to evaluate the investment opportunity of a Crypto Asset and limits the ability of Investors to evaluate an investment in The Fund.
Regulatory Uncertainty
Regulation of Crypto Assets continues to evolve in the United States and foreign jurisdictions. Regulatory actions could negatively impact Crypto Assets in various ways, including, for purposes of illustration only, through a determination that one or more Crypto Assets are regulated financial instruments that require registration or licensing. The Fund may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction.
Risks Associated with the Token Protocol
Crypto Assets are generally based on protocols, such as the Bitcoin Protocol or the Ethereum Protocol. Any malfunction, breakdown or abandonment of the Crypto Asset’s protocol may have a material adverse effect on the value of the Crypto Assets. Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to the Crypto Assets by rendering ineffective the cryptographic consensus mechanism that underpins a Crypto Asset’s protocol.
Market Risk
Since the financial crisis, the global economy and equity markets have largely improved. Bitcoin was the first Crypto Asset and was invented in 2009. With a short existence and trading history, it is unclear how the value of Crypto Assets generally, and any particular Crypto Asset, will react to factors relating to market activity or the economy in general. The market for Crypto Assets is global in nature. Therefore, both domestic and international concerns can affect Crypto Asset prices. Exogenous events may have adverse effects on the strategies.
Emerging Company and Venture Capital Investing Risk
Venture investments in early stage and even in later stage companies carry material risk of loss, and commonly result in complete loss of investment if an issuer fails in its proposed endeavors. Such issuers are not highly capitalized, are not always operated by experienced business persons, and may make commercial mistakes that seasoned entrepreneurs could avoid. Such issuers also operate in novel sectors, which increases both potential reward and potential risk. Even in a novel sector, new competition could replace even strong ideas and execution, which could adversely affect The Fund’s holdings. Blockchain in particular is new, companies in the space tend not to be seasoned, and even potentially revolutionary technology could find itself outperformed by less (or more) advanced technologies that have better marketing or other aspects that result in poor results for The Fund’s holdings.
The Market for NFT collectibles
The market for NFTs is relatively new and subject to significant volatility. The valuation of NFTs depends considerably on scarcity and the perception of potential and existing owners and buyers of an NFT’s worth and each other, along with other cultural factors and the exclusivity and availability of distribution channels. It is extremely difficult to anticipate the market for an NFT, however the value of NFTs, like many other Digital Assets, may change substantially and in a rapid and unpredictable manner. NFTs are a hard-to-value asset and valuation methodology is still developing. As such, the valuations of the NFTs held by The Fund may change significantly over time. Additionally, a decline in the market for collectible NFTs generally or specific types of NFT collectibles, or adverse market conditions generally (due to general economic conditions, market preferences or cultural factors) would result in either the failure of The Fund’s NFT collectible investments to increase in value or alternatively a decrease in value of The Fund’s NFT collectible investments compared to the acquisition price. There is a limited basis for The Fund to evaluate the possible merits or risks of an investment in any particular NFT. For these and additional reasons, investments in NFTs, and thus The Fund, are speculative and involve a high degree of risk.
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How to Invest in the Wave NFT Fund
get started*The material provided herein does not constitute an offer to sell or a solicitation of an offer to buy any interest in the Fund or any other securities. Any offering of a Fund will be made only in accordance with the terms and conditions set forth in the Fund’s private placement memorandum or similar document (Offering Materials) Please see IMPORTANT DISCLOSURES provided at the end of this presentation.
**WAVE DIGITAL ASSETS LLC IS REGISTERED WITH THE US SECURITIES & EXCHANGE COMMISSION AS AN INVESTMENT ADVISER, CRD 305726. PLEASE SEE THIS SITE FOR MORE INFORMATION, OUR DISCLOSURE BROCHURE AND OUR RELATIONSHIP SUMMARY HTTPS://ADVISERINFO.SEC.GOV/FIRM/SUMMARY/305726.
***FUND INTERESTS ARE SUITABLE ONLY FOR SOPHISTICATED INVESTORS FOR WHICH AN INVESTMENT IN THE FUND DOES NOT CONSTITUTE A COMPLETE INVESTMENT PROGRAM AND THAT FULLY UNDERSTAND AND ARE WILLING TO ASSUME THE RISKS INVOLVED IN THE FUND’S SPECIALIZED INVESTMENT PROGRAM. Certain criteria, including minimum financial status and experience may apply.
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Our team has deep institutional experience managing third-party capital across traditional and decentralized finance, in particular venture capital, derivative, lending, and staking expertise.
In addition, we have built strong relationships with institutional service providers leveraging our blockchain and digital assets network across the world.
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Wave’s Corporate Treasury Management services include digital asset lending programs and derivative strategies designed to capture additional yield and fine-tune risk, with a range of qualified custodians and counter-parties. Wave also operates across multiple DeFi protocols for lending, borrowing, trading, yield farming, staking, and mining. Wave applies our deep experience in digital asset strategies to bespoke risk managed portfolios. Wave Digital Assets is SEC regulated focused exclusively on digital assets, and have a fiduciary duty to protect our clients.
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