As the only institutional fund that participated in the seed round investment in 2011, we are aware that several institutional funds are pretending to be Zoom's seed-stage investors. To show our legitimacy and celebrate our partnership, we are minting an NFT of the original Zoom investment check from TSVC (the only institutional check for Zoom at seed stage signed by Euguene Zhang) on the Ethereum blockchain and auctioning it on OpenSea.
In 2021 the overall cryptocurrency market value crossed $3 trillion. In April, Bitcoin became a top ten asset and surpassed 80% of silver’s market cap. Ethereum achieved its’ breakthrough and hit an all-time high at $4800 in November. These trends might just be the tip of the iceberg of the crypto world as more utilities and applications start to develop and emerge. From TSVC’s perspective, it is exciting to see how blockchain applications will push the crypto market further in 2022.
NFT is one of the blockchain applications that utilize the blockchain network to make digital assets unique and non-interchangeable. As a leading early-stage venture capital fund, TSVC has always paid close attention to NFT’s future potential across multiple industries. As we move towards 2022, we want to reflect on TSVC's achievements for the past decade and celebrate it in the form of an NFT.
We're officially tokenizing and auctioning partial history of the legendary company and the memory of the fund for the generation of zoomers - the nft of our first and the only institutional check to Saasbee (now called Zoom).
The Zoom first institutional check NFT from TSVC is an opportunity for people to own fractional pieces of pre-COVID internet memory. And it's an inspiration for all of us to dream bold, try as we dreamt and how a simple product vision translated into a disruptive company that connected the world again in the COVID world. Proceeds of the auction will be devoted to support more creators in the crypto and nfts space for their next dream-big projects.
As one of our successful portfolio companies, Zoom stood out as one of the most cost-effective and easy-to-use online meeting platforms during the pandemic. Today, over 700,000 businesses and 100,000 schools worldwide use Zoom to communicate regularly. Overall, we are more than delighted with Zoom's accomplishment over the past decade.