Singapore Invests $100M on Web3 and Metaverse
NGC Ventures created a new ecosystem capital only for Web3 projects. It indicates an increased investor appetite for firms helping build a decentralized network. Huobi Ventures, Babel Finance, and Nexo Ventures are the NGC Metaverse Ventures investors.
High-potential projects in the Web3 economy may receive funding, says Roger Lim. According to NGC, Web3 finance made investments in 3 firms. NGC Ventures launched in 2017. SOL, ALGO, and ROSE were its early investments.
Metaverse and Web3 projects have piqued the curiosity of venture capitalists. Since mid-April, venture capital firms have committed over $3B to such initiatives. Andreessen Horowitz recently created a $600M fund. It focuses on gaming entrepreneurs in the Web3 market.
As the WEF Annual Meeting started in Davos, Switzerland. The Web3 sector was a major topic of conversation. Gavin Wood told Cointelegraph that the expansion of Web3 is encouraging. People see this technology flow into new applications that go beyond only cryptocurrency.
Crypto VC will set new records in 2022. Cointelegraph Research reports that venture capitalists invested $14.6B. It was 48% of every investment last year. The investment comprises blockchain and cryptocurrency startups in the first quarter.
Gavin Wood Says Web3 Isn’t Just DeFi and Crypto
There were billions invested in blockchain firms in 2022 alone, building for Web3. Gavin Wood says Web3’s applications go far beyond blockchain. Wood spoke on Web3 applications if the all-encompassing notion needs to expand above its present use.
He doesn’t believe Web3 wants to evolve more from the source right now, but it might in the coming years. He said that before discussing the technology’s benefits. The liberation from having to trust the main lesson. He doesn’t want to trust or hope that his service is working and handling their data. Also, it doesn’t get hacked.
Wood discussed the benefits of Web3 gaining recognition as a concept. It means the next phase of the web’s evolution. The growth of the phrase Web3 is positive. It shows that the underlying technology is being integrated into various applications. Some of which include some that people did not expect.
The focus has shifted away from Bitcoin and other cryptos, smart contracts, and DeFi. It’s almost as if we realize that this is a big platform for constructing new services that Web2 couldn’t. Wood was also questioned about how he wanted to weather the crypto bear market. Also, other businesses can enjoy prolonged price declines.
He promised to do a lot of construction. Developers built Polkadot during the 2018-2021 bad market. That does not need large numbers. Doing so, though, doesn’t need you to raise a fortune. Despite this, venture capitalists have poured money into Web3 initiatives.
They see great potential in a decentralized internet. Since mid-April, there was over a $3B investment in Web3 games and the metaverse. In Q1 2022, venture capitalists invested $14.8B in the crypto sector. It is about half of the previous year’s total amount.