US hedge fund Coatue is betting on NFT and Metaverse

Needless to say, NFT and meta universe contracted almost all the hot spots on the block chain field in the second half.

Behind the two hot spots, a strong capital institution is quietly emerging- Coatue Management, a US hedge fund that has invested almost all TMT Chinese stocks.

On November 23, Pokémon GO developer Niantic announced that it has received 300 million US dollars in new financing. The funds will be used to invest in existing games and new applications, as well as to expand the Lightship developer platform and build meta universe. All this round of financing comes from Coatue.

Test the waters of NFT and meta universe

A big player in the NFT collection market, Dapper Labs can be counted as one. With the star card NBA Top Shot, Dapper Labs is currently the top spot in the NFT sports collection. After the latest round of financing, it is now valued at $7.6 billion.

According to Tianyan Check, Dapper Labs completed 3 rounds of financing this year, and the main capital behind it began to change ownership, all of which became Coatue’s sole investment or lead investment . The latter’s shots can also be described as generous: 250 million US dollars, 305 million US dollars, 250 million US dollars (lead investment). Compared with Dapper Labs’s previous 6 rounds of financing of tens of millions of dollars each time, this amount directly exceeds an order of magnitude.

Since September, Yuan Universe began to stand in the center of the Chinese and foreign capital markets, becoming one of the biggest outlets. With a well-known AR game developer, Coatue is knocking on the door to wealth in the world of meta universe.

On November 23, Niantic, the developer of Pokémon GO, received $300 million in new financing-all $300 million from Coatue. The funds will be used to invest in existing games and new applications, as well as to expand the Lightship developer platform and build Meta universe.

Matt Mazzeo, general partner of Coatue, said: “Niantic is building an AR platform based on a 3D world map. We believe that this platform will play a key role in the next computer transformation.”

Only vote for the industry’s first king of TMT

In 1999, Philippe Laffont (Philippe Laffont), who studied under Julian Robertson (Julian Robertson), left the Tiger Fund and turned to found Coatue, focusing on the technology, media, and telecommunications (TMT) fields. There are currently 9 funds under its umbrella. It is now one of the world’s largest technology track investment institutions.

According to the latest “13F” report released by the US SEC (investment institutions with assets under management of more than 100 million US dollars need to submit a quarterly position statement to the SEC). In the third quarter of 2021, among Coatue’s top 10 holdings, Internet technology companies accounted for 9 seats. (See below)


Regarding Coatue’s investment style, perhaps it can also be described as “not many people are ruthless”.

Checking its official website, Gao Leng has only 3 office locations and 1 email address. Coatue partners and members, including Philip Lafon, also rarely accept outside interviews and speak out.

But this does not hide its edge-since its establishment, its assets have jumped from 45 million US dollars to more than 20 billion US dollars. The listed companies currently captured include Meituan, Didi, Snap, Rivian, etc.

It is Coatue’s consistent investment style that only invests in the industry’s first place and focuses on unlisted leading companies in the TMT field: sell generously, or invest alone, at least lead the investment, and continue to follow the investment.

According to Tianyancha data, in foreign countries, since 2013, Coatue has participated in Snap, Grab, Reddit and other super unicorns C rounds, D rounds, E rounds and even F rounds of financing; in China,, Mafengwo, Meituan , Didi, ByteDance, Hey Tea, Dingdong Shopping, etc., along the Internet economic development trajectory, from platform giants to new consumer upstarts, Coatue is behind them.

Classical investment circle bets on NFT and chain games

The “classical investment circle” can be understood as traditional investment institutions such as PE/VC and family offices in a broad sense. This is actually a relative concept. Because after the concept of blockchain has moved towards a wider field of vision, a group of emerging investment institutions focusing on the blockchain field have emerged.

The current signal is: as the block chain gradually walks out of the early stage of the industry’s reckless development and moves toward the mainstream, the classical investment circle has also begun to smell the wealth of this field.

According to data from Tianyancha , in 2021 , blockchain is the field with the highest proportion of all Coatue investments, except for financial technology , with a total of 11 cases. The specific business covers NFT and blockchain games, encrypted payment service providers, encrypted audit and security agencies, exchanges, etc. Before this year, Coatue’s investment had never been involved in the blockchain.

Coatue’s blockchain investment began in NFT and Dapper Labs in the chain game track, which is currently the most demanding track for blockchain financing.

Prior to July, Jack Ma and Cai Chongxin’s family wealth management fund Blue Pool Capital had invested in the blockchain game company Animoca Brands. This was the first time Blue Pool Capital invested in a blockchain project.

According to the “Blockchain Daily” reporter learned from investors in a certain industry, investors in the “classical investment circle” once said, “We have begun to invest in NFT projects, and the traditional Internet has no big opportunities.”

But people in the industry have different views on the crazy influx of funds for a while.

Yu Jianing, the rotating chairman of the Blockchain Committee of the China Communications Industry Association, believes that the next ten years will be the golden decade for the development of Metaverse, and the transition window has quietly opened. The NFT projects and development teams that are highly connected to Metaverse are usually still in the early stages. Investment institutions are deployed in the early stages and have the opportunity to obtain more dividends.

Some insiders also told the reporter of “Blockchain Daily” that “there are more funds in the market now, which does not mean that you really understand and understand.” In addition, it is still doubtful whether the relevant NFTs and chain games can be tried legally. If it is overseas, it also needs to look at the local policy binding force.

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