VC Stops Investing In Space Startups Due To Risks Involved, Proceeds To Invest In NFTs

STOCKHOLM — Gong Capital, an Oslo-based VC fund with successful companies in its portfolio such as Turdify and io.io, is reportedly phasing out its involvement in new space startups after concluding the business is ‘too risky’ and ‘volatile’. “We do not feel comfortable embarking on such endeavors showing these levels of instability and volatility” stated Olaf Lind, General Partner at Gong. “In contrast, we decided to pivot and go all-in investing 50 million Euros in non-fungible-tokens (NFT) involving unique collections of pixelated, tiny monkeys,” he added.

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