Curation
Relationships with artists, galleries, collectors, and institutions inform what the fund buys—and how it gains access.
Digital art & culture fund.
Epoch One collects culturally significant onchain art, combining curation, research, and access through EXPAAM.
Request materials ↗01 / The approach
Recognize the work.
Understand the market.
Epoch One seeks to acquire works that may define digital culture before wider market recognition.
Research
Market depth, transaction history, and holder concentration inform valuation, position sizing, and risk management.
Execution
Primary allocations and discreet secondary acquisitions are reviewed through an investment committee.
Why this market. Why now.
The thesis is that digital works can carry lasting cultural value: scarcity, identity, provenance, and the communities that form around them.
The investment context +
EXPAAM sees a market moving beyond its early speculative phase. Its focus is on works with cultural significance, scarcity, and established communities following a period of excess and correction.
Custody, valuation tools, marketplaces, and NFT-backed credit have developed alongside the art. These changes can make professional participation more practical; they do not remove valuation uncertainty or market risk.
The fund seeks to combine access to artists and collectors with disciplined selection, rather than treating all digital art as interchangeable exposure.
02 / Portfolio
One collection.
Four portfolio roles.
Art, credit, and liquidity within a single strategy.
0125%0240%0325%0410%
01 / Apex art02 / Blue-chip art03 / Credit + emerging04 / ETH treasury
25%Ultra rare, apex artPortfolio core+
Rare works and established collections, selected with attention to liquidity, valuation, and position size.
40%Rare, blue-chip artLong-term appreciation+
Scarce, culturally significant works sourced through relationships with artists, galleries, and institutions.
25%Credit & emerging artistsIncome and discovery+
NFT-backed lending seeks to generate ETH income, with yield directed toward emerging artists. Collateral does not eliminate credit, valuation, or liquidity risk.
10%ETH treasuryOperational liquidity+
Liquid reserves support transactions, risk management, and time-sensitive acquisitions. ETH remains exposed to market volatility.
Inside the strategy.
What each allocation contributes +
Apex art / 25%
Established, rare collections form the intended portfolio core. Curation and quantitative research inform sizing and cycle discipline.
Blue-chip art / 40%
Scarce works are selected for long-term appreciation potential. Artist, gallery, and institutional relationships support access to primary and secondary opportunities.
Credit & emerging artists / 25%
Lending seeks current ETH income, while acquisitions of emerging work add a discovery component. Both require specialist underwriting.
ETH treasury / 10%
Reserves support gas, settlement and venue fees, rebalancing, risk management, and time-sensitive acquisitions without relying solely on art sales.
Approximate allocations, not fixed promises. Portfolio roles describe intentions, not guaranteed outcomes.
Example artists & works +
Examples presented on EXPAAM’s page—not a statement of current fund holdings.
Ultra rare, apex art
- XCOPY — The Last Selfie
- Larva Labs — CryptoPunk #2924
- Sam Spratt — Masquerade
Rare, blue-chip art
- Die With The Most Likes — Old Shows
- Joe Pease — Smoke Break
- Kim Asendorf — XOX 419
Credit & emerging artists
- Manic — What Angels Whispered
- Nice Day Jules — The Flowers Project: Flower #42
- Quantia — Persona
How NFT-backed lending works +
NFT holderBorrower
NFT collateral ↓↑ ETH loan
Lending protocolCollateral held in escrow
Interest ↓↑ Lending capital
Epoch OneLender
Repaid
NFT returns to borrower.
Loan principal returns to lender.
Default
Collateral may transfer to lender under the loan terms.
- An NFT holder pledges a work as collateral for an ETH loan.
- A lending protocol holds the collateral in escrow. Epoch One supplies lending capital and seeks interest income.
- If the borrower repays, the collateral returns to them. If they default, it may transfer to the lender under the loan terms.
EXPAAM describes participation in overcollateralised markets such as Gondi. Acquiring collateral after default may be part of the strategy, but its value and resale liquidity are uncertain. Overcollateralisation does not guarantee recovery or prevent losses.
ETH denomination +
EXPAAM states that investments are denominated in ETH. Results therefore reflect both the selected works and exposure to the underlying asset. A gain measured in ETH need not be a gain measured in dollars, and vice versa.
The source does not explain a separate staking mechanism; no staking yield is assumed here.
Sourcing & research +
Artists & collectorsPrimary issuanceSecondary marketsInstitutions & platforms
CurationCultural significance
ResearchValuation & risk
Investment committeeFinal allocation decisions
- Relationships with artists, studios, and collectors.
- Primary issuance through curated drops and institutional programs.
- Discreet secondary acquisitions, including off-market block trades.
- Institutional and platform channels for sourcing and execution.
A proprietary digital-art database supports a fair-value framework. Market depth, transaction history, and holder concentration complement curatorial judgment and inform sizing and risk management.
The collector network +
EXPAAM describes an invitation-only collector ecosystem connecting investors with artists, curators, and institutions. The intended benefits include early opportunities, information sharing, and preferential allocations alongside the financial investment.
03 / People
Taste is personal.
Decisions are collective.
Raoul Pal
CIO
Lyndsey Lucente
Head of Curation
Roger Dickerman
Head of Research
Advisors
Tad Smith Advisor
Ian Rogers Advisor
Jack Butcher Creative Advisor
Investment committee +
Final allocation decisions bring together Lyndsey Lucente, Roger Dickerman, Raoul Pal, Pierre Henry (EXPAAM CCO), John Pridjian (EXPAAM Co-Founder), and Paulo Baia (Head of Manager Selection).
Before investing.
Who the fund is designed for +
Eligible families, institutions, and professional allocators seeking digital-art exposure alongside traditional investments.
The approach is long-duration and high-conviction. Investors should be comfortable with concentrated outcomes, uncertain valuations, and illiquidity—not depend on ready access to their capital.
EXPAAM describes the offering as exclusively for accredited investors, with requirements varying by jurisdiction. Its U.S. reference is Rule 501 of Regulation D. Eligibility and suitability must be confirmed directly with the firm.
Fund materials & walkthrough +
Hear the fund’s explanation directly from EXPAAM.
Watch the Epoch One walkthrough ↗The official dataroom is described as under construction. Request the current deck and offering documents from investor relations.
Request the full deck ↗04 / Next steps
A conversation
with EXPAAM.
Request the fund materials, discuss suitability, and confirm current availability directly with the team.
- Structure
- Closed-ended
- Minimum investment
- $100,000*
- Investor profile
- Eligible investors only
The official form asks for contact details, country, investor type, and your enquiry. Information is submitted directly to EXPAAM, not collected by this preview.
*As stated on EXPAAM’s fund page. Current terms, availability, and eligibility must be confirmed with EXPAAM. This preview does not accept subscriptions.