With a mission of investing in tech projects which have a positive impact and positive social influence. They focus on frontier technologies like space, blockchain, AI, robotics. Rooted with core Asian values and western management and strategy Tsangs Group are very global and adventurous rather than the typical global family offices mandates which focus on wealth preservation and conservative investment thesis.
Tsangs Group invested in the digital human company Pulse Evolution Group which was listed on the OTC market in the US back in 2018. Pulse Evolution Group produced a series of popular movies such as Pirates of the Caribbean, Avengers, Transformers, and also produced two hologram performances including Michael Jackson, and Tupac in Coachella.
They invested into Pulse Evolution Group at a very attractive valuation of $30 Million in 2018. In 2019 Pulse merged with the German listed company Nexway. Following this merger, Pulse was re-branded to Facebank. In March 2020 Facebank merged with the US live streaming company FuboTV (A Netflix for live sports), and FuboTV successfully listed on the NYSE in October 2020 with a $10 share price. The share price of FuboTV skyrocketed to $62 at a time of end of December 2020, which is synonymous to a $9 Billion market cap. This is one of the most successful venture investments of Tsangs Group (300x return in just 2 years) .
Patrick Tsang the fourth generation leader and Chairman of Tsangs Group Family Office describes cryptocurrencies and blockchain technology as interesting. And they have been in the space since 2015. They hold and trade some crypto.
Patrick states that 15% of family offices have invested or have exposure to blockchain projects and crypto, while 45% of family offices are looking into having exposure to blockchain and crypto.
Tsangs Group don't only buy and trade coins. They also have investments in blockchain related companies such as DeFiance Media a Bloomberg TV-Like for blockchain and crypto.
While Patrick was recently in a small conference in Texas where top NFT artists gathered from Art Blocks and others. And having a lot of friends who invested couples of hundreds of thousands of dollars into NFTs earlier in 2021 and by the end of the year their portfolios are worth more than $100 mils and $200 mils. As well as noticing Sotheby's and Christie's are into NFTs. He sees that from the western perspective their is a lot of collectors of digital art which is very different from the Asian mindset like in Japan or Korea where collectors are not very art appreciative but rather fanatic meaning they collect through their emotional attraction to a brand or a pop star or celebrity. He describes it like more of collecting baseball cards. And hence the Asian mindset is more addictive in terms of collecting which is very different from the western one. Tsangs Group have exposure already to NFTs. Patrick sees it like Bitcoin 4 or 5 years ago when people where still thinking "Is it a scam?" " Is it a hype?". He believes as well that one might not appreciate an NFT the same way one might appreciate a Picasso or a Van Gogh.
Patrick thinks there is a small minority which is growing with 18,000 unique wallets collecting this kind of digital arts and a lot of people hold multiple wallets. This shows that the market is very small. In 2020 the NFT market has gone up around 80x and he thinks that this trend will continue to go up.
One of the warnings he has for everyone is that the NFT market is still not very liquid. In terms of collecting, investing and the increase in value is great. But can you actually sell the NFT tomorrow ?. This is a question and this is something that we all have to quite wary of.
Tsangs Group were an enabler of DSRPTD 2021, and DeFiance Media their portfolio company mentioned earlier were Media and Broadcasting Partners as well as the podcast Anything Is Possible - with Patrick Tsang.
The talk was recorded at the Kickoff Soiree' co-hosted by Goldfingr Deal Club at DSRPTD 2021 held on the 25th to the 27th of October in Dubai, UAE, ensuring the maximum return on investment for the participating startups, scaleups, investors, corporates, VCs, and governments. learn more at dsrptd.net/blog .
They recently opened their Middle East office in Dubai at the DIFC Dubai International Financial Centre.
With more SPACs to come this year from Tsangs Group we are all excited to see what other impressive achievements this family office has to bring.