Why did Jack Ma’s Blue Pool Capital bet on NFT for the first time investing in a blockchain project?

So far this year, despite the skyrocketing and plummeting of the crypto market, NFT is still a “small spring” in the crypto field. It continues to be out of circles in industries such as sports, games, and music, and various traditional institutions and people have entered the market.

Coin World-For the first time to invest in a blockchain project, why does Jack Ma's Blue Pool Capital bet on NFT?

So far this year, despite the skyrocketing and plummeting of the crypto market, NFT is still a “small spring” in the crypto field. It continues to be out of circles in industries such as sports, games, and music, and various traditional institutions and people have entered the market.

Text |  Zhang Yangyang

In March of this year, Christie’s auction house sold the artist Beeple’s digital works at a sky-high price of nearly 70 million U.S. dollars, making the entire NFT out of the circle quickly. Recently, a large wave of NFT concept projects announced that they have received huge financing, and many traditional investment institutions are rushing to bet.

Last week, blockchain game and NFT developer Animoca Brands announced that it has received a new financing of US$50 million. The official said that with the completion of this financing, the company’s total financing has reached 139 million U.S. dollars, and its pre-investment valuation is 1 billion U.S. dollars. 
The reporter of “Blockchain Daily” noticed that in addition to crypto industry giants such as Coinbase, the investors also included a low-key and mysterious institution-Blue Pool Capital, family wealth management of Jack Ma and Cai Chongxin fund.
This means that Jack Ma and Cai Chongxin have formally invested in blockchain projects. The former emphasized that “no blockchain is deadly.”

Jack Ma’s first involvement in a blockchain project

After Alibaba went public in the United States in 2014, its core founders Jack Ma and Cai Chongxin jointly set up a family office in Hong Kong. The main body is Blue Pool Capital. It is responsible for managing huge family wealth, mainly dedicated to long-term investment and holding Hong Kong. No. 9 license (asset management category) issued by the China Securities Regulatory Commission.

According to previous reports from Caixin Media, Blue Pool Capital manages part of Jack Ma’s wealth and most of Cai Chongxin’s $8 billion wealth.
According to a 2015 report by the Wall Street Journal, Blue Pool Capital’s main investment directions are hedge funds, healthcare, artificial intelligence, and big data cloud computing. According to data from Tianyan Check, since the establishment of Blue Pool Capital, a total of 8 investment transactions have been disclosed.
From the perspective of the investment industry, medical and health has always been the track of heavy warehouses. Among the 8 companies it has invested in, there are 5 companies in the medical and health industry, including 2 pharmaceutical companies, 2 biotech companies, and 1 disease diagnosis company. The other three companies are Internet consumer projects.
The reporter of “Blockchain Daily” noted that most of the above-mentioned investments were concentrated in the period from 2016 to 2018. Since then, there have been few disclosures of investment incidents regarding Blue Pool Capital.
This investment in Animoca Brands is the second publicly disclosed investment event of Blue Pool Capital so far this year after nearly 3 years. At the same time, it is also its first time to set foot in the blockchain field.
A reporter from “Blockchain Daily” called Bluepool Capital’s official website. The person receiving the call said that he did not know the details. The reporter also wrote to Bluepool Capital. As of press time, no further response has been received.

“No blockchain is deadly”

As the most mysterious and complicated part of the financial industry, every move of the family office is quite eye-catching. This time betting on the blockchain field, if you return to Jack Ma himself, there are actually traces to follow.

At the 2020 Online China International Smart Industry Expo, Jack Ma once commented on the blockchain in a video speech: “Today, many places are labeled as blockchain. In fact, it has nothing to do with the real blockchain. The chain is a solution for data privacy and data security. Today’s Bitcoin may be a bubble, but the blockchain is definitely not a bubble.”
Also in 2020, Jack Ma mentioned that when he appeared in the live broadcast room for the first time as a Taobao anchor, knowledge Property rights must be protected in a new way. I believe that blockchain technology is solving this problem. People who lack the awareness of intellectual property rights should pay attention to it as soon as possible. It is quite interesting that at this time Jack Ma did not forget to “carry goods” Ali’s Ant Chain in the live broadcast.
Going back, at the second World Intelligence Conference in 2018, Jack Ma also said that he is very optimistic about the blockchain. “The reason for investing in the blockchain is because Alibaba has no way to spread information on the Internet. Including social media, there is no need for blockchain. We do this Internet finance. We have trillions of transactions on the Alibaba trading platform, and tens of trillions of transactions. Without a blockchain, it is deadly.”
On July 23, 2020, the Ant Group held a new brand launch conference for the Ant Chain. The Ant Blockchain was officially upgraded to “Ant Chain” and promoted that the blockchain should change production and life like mobile payment.
Just a week before Bluepool Capital invested in Animoca Brands, Alipay just released two NFT payment code skins on the “AntChain Fan Tablet” applet.

Why does Bluepool Capital bet on NFT?

Returning to the investment target Animoca Brands itself, is a game developer focused on NFT, aiming to use blockchain-based in-game token rewards to provide players with digital property rights.

According to official website information, Animoca Brands is headquartered in New Hong Kong and is a subsidiary of Animoca. It was founded in 2014 by Xiao Yi, a well-known Hong Kong technology entrepreneur. In early 2015, Animoca Brands successfully listed on the backdoor through the acquisition of Black Fire Mineral, a listed company on the Australian Stock Exchange (ASX). However, due to management issues, participation in cryptocurrency-related activities and other illegal operations, it was finally delisted from the ASX in March 2020.
Although the prices of cryptocurrencies such as Bitcoin have fallen sharply due to various regulatory factors recently, this has not affected investors’ enthusiasm for investment in the field of cryptocurrency and blockchain.
Animoca Brands received 50 million US dollars in financing, in addition to Blue Pool Capital, it also includes Coinbase Ventures, Liberty City Ventures and Samsung Ventures.
The company said in a statement that with the completion of this financing, the company’s total financing has reached 139 million U.S. dollars, and its pre-investment valuation is 1 billion U.S. dollars. The funds raised this time will be used for capital strategic investment and acquisition, product development and intellectual property licensing.
Back to Blue Pool Capital, why was its first blockchain investment an NFT project?
NFT based on blockchain technology, due to its irreplaceable and indivisible characteristics, naturally meets the needs of asset confirmation and property rights protection. To a certain extent, it is in line with the concepts of data security, privacy and credit, and intellectual property rights that Jack Ma previously emphasized.
Li Lianxuan, chief researcher of Ouke Cloud Chain, previously said in an interview with a reporter from the “Blockchain Daily” that NFT, due to its irreplaceable and indivisible characteristics, naturally meets the needs of asset confirmation and property rights protection. At the same time, the NFT works in the digital economy era provide a unique proof of property rights for the works of creators, which effectively protects the creator’s copyright; the convenient and quick transferability allows these works to be sold at the most appropriate price, which inspires Creative passion.
So far this year, despite the skyrocketing and plummeting of the crypto market, NFT is still a “small spring” in the crypto field. It has continued to be out of the circle in industries such as sports, games, and music, and various traditional institutions and people have entered the market. In the first quarter of this year alone, NFT sales exceeded US$2 billion, an increase of at least 20 times from the previous quarter.
However, Li Lianxuan also said that despite this, it still needs to be emphasized that there has been a clear bubble in the current NFT market. For NFT participants, they should participate carefully and invest carefully.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/why-did-jack-mas-blue-pool-capital-bet-on-nft-for-the-first-time-investing-in-a-blockchain-project/
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