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Investor collaboration has taken an interesting turn in the crypto world, with a recently assembled alliance committing $20 million to nurture up-and-coming Web3 initiatives. Notably, the focus is on the potential gold mines of blockchain-based gaming and digital collectibles. Alpha Protocol Ventures (APV) is leading the charge, pooling resources from its founder and CEO Vagelis Diamantis, Ethernity CEO Nick Rose, Morningstar Ventures, and a few other investors who are optimistic about the possibilities within the Web3 environment.
According to Diamantis, this freshly minted fund is not just throwing cash into any promising project. It aims to inject capital into sectors that prioritize gaming and collectibles, while also branching out to decentralized finance and layer protocols. The objective is to uncover hidden gems that could revolutionize various aspects of technology and society. Issues like secure data handling and streamlining supply chain logistics also pique the fund's interest.
The players behind APV are no strangers to the cryptocurrency market. Diamantis himself was the financial brains at Ethernity before this new venture. He indicated that the group has already zeroed in on a number of investment candidates. Among the candidates are some less-known but promising projects that show great potential for long-term growth.
Contrary to the fears surrounding a long bear market in the crypto space, Diamantis considers it an advantageous phase. He believes that downturns in the market could be golden opportunities to back projects that are in their formative years and aim to bring groundbreaking blockchain-based solutions to the table.
The growth in Web3 projects hasn't gone unnoticed, pulling in sizable investments from venture capital firms and funds. Other significant players like Animoca Brands have also put their money into the Web3 arena, contributing $30 million to Hi, a Web3 neobank, in July 2023. Additionally, Vessel Capital has announced a $55 million fund focused on Web3, and Bitget has disclosed a $100 million fund aimed at Asia's Web3 and blockchain endeavors.
