Crypto Art Collector PleasrDAO Raises $69 Million

PleasrDAO, a collective of crypto personalities, is seeking an investment of $69 million.

A slide from the group’s fundraising platform, obtained by The Block, shows it plans to add $69 million – classified as an investment – to its cash position by February 2022.

Two people briefed on the raise said PleasrDAO was targeting a valuation of around $1 billion. A PleasrDAO spokesperson declined to comment.

The group – a Decentralized Autonomous Organization or DAO – was formed in March 2021, when its members invested $525,000 to purchase a Uniswap animated ad in the form of a non-fungible token (NFT). The ad, created by artist pplpleasr, features a pink unicorn heading towards an oasis cradling the Ethereum logo.

Since then, PleasrDAO has collected other big-ticket items — all related to what it describes as “culturally significant” ideas and causes, according to its website.

“Considered as an art collecting empire, the DAO is experimenting with new concepts of digital and community art ownership,” reads a statement on PleasrDAO’s website. “Its members are exploring ideas such as fractionalizing iconic pieces to distribute to and belong to the community.”

The group has already spent $4 million on an NFT of the image that inspired Dogecoin; $5.4 million on a play by Edward Snowden; and $4 million on a rare Wu-Tang Clan album.

Its members include dozens of DeFi founders, NFT collectors, and digital artists. In December, venture capital firm a16z announced an investment in the group. The company did not disclose the size of its investment, but TechCrunch reported that it holds less than 5% of the DAO’s governance tokens.

Treasury Growth

The document obtained by The Block also suggests that PleasrDAO’s reserves will drop from 7,895 ETH (about $18.8 million at current prices) this month to 27,725 ETH (about $66 million) by February. , while its USDC stock will drop from a negligible sum to $3. million.

It’s unclear how, if at all, this relates to fundraising – as the group’s total assets are only expected to increase from $83.6 million to $153.6 million (an increase of $70 million). dollars) only after the conclusion of the agreement.

The same document indicates that 11 people currently work for PleasrDAO – a workforce that will more than double to 28 by the third quarter of next year.

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

Norma D. Ross