Jean Michel Pailhon, a former executive at Ledger, raised $25 million for the NFT Art Fund

According to reports, Jean Michel Pailhon, a former Ledger executive, is raising up to $25 million for an NFT art fund. The fund will give priority to blockchain art with “cultural influence”. The fund hopes to mainly attract non encrypted local investors, paying special attention to institutions that already hold physical artwork in their offices and want to access blockchain based NFT artwork.  

Interpretation of this information:

Jean Michel Pailhon, a former executive at cryptocurrency hardware wallet manufacturer, Ledger, is allegedly raising up to $25 million for the establishment of an NFT art fund that will focus on blockchain art with significant cultural influence. With this decision, Pailhon joins the growing list of individuals and institutions investing in NFTs due to the asset’s massive growth in value in recent years.

NFT, or non-fungible tokens, are digital assets that can be bought and sold like traditional artwork. While art in the traditional sense is often confined to the physical world, NFTs are unique digital collectibles that can be owned, traded, and minted on the blockchain. Additionally, blockchain technology ensures that each NFT is unique and cannot be replicated, thus adding value and staying power to each piece of blockchain art.

According to reports, Pailhon hopes to mainly attract local investors who are not necessarily crypto savvy, paying attention to institutions that already hold physical art in their offices and want to expand their collection to include blockchain art. This move is essential in building a new form of art that is not necessarily confined by geography or traditional art gallery settings. Blockchain art, being one of the most significant areas in the crypto space, is expected to experience exponential growth in the coming years. This, coupled with a lack of knowledge among individuals and institutions regarding the emerging asset class, provides significant investment opportunities for individuals like Pailhon.

In conclusion, Jean Michel Pailhon’s decision to establish an NFT art fund is unsurprising given the exponential growth of the asset class in recent years. The fund’s focus on cultural influence indicates the role NFTs will play in driving the development of a new form of art that transcends the traditional boundaries of geography and art gallery settings. Additionally, the move towards attracting non-crypto-savvy investors is a step towards diversifying investment options and expanding the knowledge of emerging cryptocurrency assets.