Crypto prices may still be depressed, but the spirit of blockchain innovation is alive and well. No matter which chain you look at these days, investment money is being poured into crypto, with Web3 in particular attracting a windfall of venture capital.
Cronos, the blockchain ecosystem of Crypto.com, has put aside 100 million dollars to help grow and support startups focusing on Web3 and DeFi. Managing Director of the Cronos accelerator program Ken Timsit perfectly vocalized the thoughts of many big players in the industry when he said:
“In the current climate, it is more important than ever to put our heads down and start building aggressively.”
Binance is also no stranger to aggressive building, so it comes as no surprise that the company is also investing heavily in the future of Web3. The major exchange recently launched a 500 million dollar investment fund for new projects seeking to expand the use cases of Web3 tech. And Binance Labs has good form when it comes to picking future crypto stars - it provided a launchpad for stellar projects like the Polygon scaling platform, the STEPN move-to-earn app, and the Sandbox Metaverse.
The Solana Foundation are also in on the action, but are looking to South Korea for their Web3 startups. Solana Ventures has launched a 100 million dollar fund that will focus on crypto gaming, a sector which is already proliferating on Solana. General manager Johnny Lee predicts that there will be more “high-quality games” launching on Solana in the near future, which may be a nod to gamers who have criticized play-to-earn games as not actually being fun to play.
Speaking of games, most of you are probably familiar with Fortnite. Its creator Epic Games will host the Wild West game Grit as the first Web3 game on their store. It’s published by Gala Games, a company with a huge amount of capital in their warchest that have allocated 5 billion dollars to expand their NFT offering. Around 2 billion dollars of that will be focused on gaming, which might persuade the critics to give crypto games a chance.
If you ever paid a celebrity like Snoop Dogg for a short custom video, you might remember the platform Cameo. Calaxy is a marketplace hoping to expand that concept to Web3. They recently raised 26 million dollars co-led by Animoca Brands and others with Polygon’s support, which follows their 7.5 million dollar raise in 2021. Calaxy will allow content creators to form their own economy, where users can buy the creator’s native token and use it within their ecosystem, such as for merchandise.
And last but not least, we can’t have Web3 and DeFi without stablecoins. One of crypto’s most reliable dollar-backed coins, USDC, is being added to Polygon, meaning no more awkward and time-consuming bridges to Ethereum. It’s hoped that this move will facilitate automatic payouts on Web3, with Circle CEO Jeremy Allaire expressing his hopes that the solution will prove useful for international trade and remittance.
The markets may be down, but the crypto juggernaut keeps on rolling, and if you’re reading this, you’re still very very early.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.