New $20M fund eyes blockchain gaming and NFTs


A gaggle of cryptocurrency enterprise buyers has established a $20 million fund to spend money on undervalued Web3 initiatives and corporations targeted on blockchain gaming and digital collectibles.

Alpha Protocol Ventures (APV) will look to spend money on quite a lot of initiatives throughout the Web3 ecosystem, its CEO and founder Vagelis Diamantis informed Cointelegraph in an electronic mail interview. He stated that gaming and collectibles shall be a precedence focus, whereas decentralized finance, layer-1 and layer-2 protocols may even fall inside the scope of the fund’s capital allocation.

“We will also explore projects that will try to solve real-world problems such as supply chains, data protection and infrastructure.”

APV has drawn funding from Diamantis, Ethernity CEO Nick Rose, Web3 funding agency Morningstar Ventures and a gaggle of Web3 angel buyers.

Diamantis, previously the chief monetary officer of Ethernity, added that APV had recognized plenty of potential funding targets, whereas it will additionally add assist to “undervalued projects” that have been launched as “buy-and-hold funds” together with the likes of Polygon, Polkastarter, Axie Infinity and Ethernity.

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Diamantis additionally added {that a} extended bear market nonetheless presents a possibility for buyers to get behind initiatives of their infancy which can be creating progressive options primarily based on blockchain know-how.

“The crypto ecosystem has been through many cycles since it started. It’s a whole new asset class that we think will only grow exponentially.”

Diamantis stated that APV would double down on blockchain corporations and Web3 purposes, focusing on undervalued corporations and undiscovered blockchain applied sciences.

Web3 initiatives and platforms have continued to draw sizeable investments from VC companies and fund managers by 2023.

Animoca Brands announced that it would invest $30 million into Web3 neobank Hi in July 2023, with founder Yat Siu outlining progressive merchandise like its customizable nonfungible token-styled crypto debit card as a possible draw card for Web3 fans in an unique interview with Cointelegraph.

Meanwhile, one other enterprise agency, Vessel Capital, announced a $55 million fund that may even look to again Web3 infrastructure and purposes. That quantity was eclipsed by cryptocurrency alternate Bitget, which unveiled a reported $100 million fund focusing on Asia-based Web3 and blockchain initiatives.

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