Neal Stephenson’s Lamina1 Releases Web3 Fund on Angel List

The Layer 1 blockchain has announced the Lamina1 Ecosystem Fund (L1EF) to assist web3 developers in raising capital for open metaverse projects.

Dec 24, 2022
by Anvi Saini
Neal Stephenson’s Lamina1 Releases Web3 Fund on Angel List
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Lamina1 has established a rolling fund for web3 developers dedicated to the growth of the open metaverse.

Neal Stephenson, who came up with the word "metaverse," and Peter Vessenes, an expert in blockchain technology, created Lamina1. They are now launching the Lamina1 Ecosystem Fund (L1EF), which is "designed to provide broad economic access to global accredited investors looking to support the next era of the internet."

Vessenes commented on the announcement, saying that Lamina1 was well-positioned to support projects aimed at building the open metaverse.

“The team has a front-row seat to all happening in the ecosystem and essentially gets a ‘first look’ at what many of the most compelling creators and storytellers of our time are doing, building, making, and producing around the world,” Vessenes said in a press release on Wednesday.

The L1EF has already made its debut on Angel List, a website that makes it easier for angel investors to raise funds. Investors can use the platform to fund projects with quarterly subscriptions. L1EF accepts contributions through its $2,500 quarterly subscription from investors.

Explaining the fund through its fundraising page on Angel List, Lamina1 wrote: “Ecosystem funds bridge the gap between the two, providing capital, talent, and advisory to those who wish to use the chain. In exchange, these funds have the privilege of being able to make broad-scale investments in the earliest stage of a blockchain’s lifecycle.”

Neal Stephenson, the renowned author who is credited with creating the term "metaverse," entered the market relatively late, collaborating with Vessenes in June to introduce his first web3 product with a metaverse theme.

Lamina1 and it's goals

As VP of Game Partnerships and Media, Lamina1 hired Jamil Moledina, a former executive at Electronic Arts and Google.

Lamina1's objective, as described by Vessenes in a recent investor note, is to build an "open metaverse built and to deliver economic access to the platform as broadly as possible." He also described how L1EF fits into its ecosystem.

People can interact in-depth through gaming, socializing, and other virtual events in the metaverse, a 3D virtual environment. The term "open metaverse" refers to a metaverse based on the web3, a decentralized version of the internet, that places an emphasis on user ownership and trustless communication.

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