The world’s largest auction house Christie’s has launched its own investment fund Christie’s Ventures, which will focus on financing technology startups in the field of art.

According to a press release from Christie’s, it plans to invest at least several million dollars in a number of startups in the coming weeks. The fund has already made its first investment in the Canadian LayerZero Labs, which is developing technology for transferring digital assets through various blockchains.

Christie’s Ventures will primarily focus on three industries – the next-generation Web3.0 Internet, financial digital art products, and solutions and technologies that enable seamless art transactions.

Meanwhile, investment in tech startups in the second quarter of this year fell 23% compared to January-March, to $109 billion, according to CB Insights. The decrease in the indicator occurred against the backdrop of a general decline in the IT sector, provided by the uncertainty of the economic forecast.