Derek Edward Schloss: This is How to Unlock the Art Market

When Derek Edward Schloss was through with his college, around the last recession, he had done up to 15 odd jobs. So, it was time for a vacation. 

Surfing on the West Coast, Schloss got the needed relief, moved to Eugene and attended Oregon’s law and business programs. In 2014, he passed the bar but did not opt to practice law. Rather, he preferred to start a consumer products company with friends.

Curiosity and FOMO Drove Edward to Non-Fungible Tokens 

All along, Edward felt like he was missing something bigger and more valuable. So, he drifted to the digital world and established that Twitter could fill the gap in the FOMO (fear of missing out) trend evident in the current digital marketplaces. Soon, he developed an interest in blockchains and digital assets. 

Eventually, curiosity took him to become a major venture capitalist in Non-fungible tokens (NFTs) and the entire crypto space focusing on art, music, fashion, and gaming. 

After having a conversation with friends on Initial Coin Offering (ICO) in 2017, Schloss later connected with his former finance professor, Stephen McKeon, with whom they partnered to form Collab Currency, a venture fund focused on cryptos. 

Schloss and McKeon’s Venture Fund a Meeting Point for Art and Web3

Together, MacKon and Schloss ran a think tank and raised USD 50 million for their venture fund. In the second round, they raised USD 65 million and are now planning for the third round, which is expected to be even bigger.  

The fund has invested in several layer-1 projects and blockchain projects. Schloss is a founder member of the FlamingoDAO, which caters to cultural and art objects. Other initiatives that he is part of include RedDAO, NeonDAO, and NoiseDAO. 

In his thesis, titled “You are Sleeping on Crypto Art,” Schloss took a deeper look into the contemporary art market and the value it would unlock. Since then, he has invested in more than 40 NFT projects. He said that people are spending more time on digital environments not because they know much about them but because of FOMO. 

Since launching the first venture into crypto, Schloss still thinks about whether or not the investments are playing out fast. He insists that you start getting a feeling of what a legitimate project for delivering value to the planet looks like.

Read more: A New Dawn: Ambitious Young Projects Linking Music to Distributed Ledger Technology

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