“Web3” was once an empty trade buzzword that described the subsequent iteration of the web. In 2022, Web3 remains to be an annoying buzzword, however at the very least the blockchain neighborhood is making an attempt to assign it real-world utility.

This week’s Crypto Biz publication options a number of main funding rounds devoted to constructing the Web3 financial system. After studying by way of the tales, you possibly can resolve whether or not we’re truly getting nearer to defining Web3. Oh, and keep in mind all the thrill surrounding Particular Function Acquisition Firms, or SPACs? A crypto-focused SPAC simply closed an preliminary public providing on the Nasdaq, elevating $115 million within the course of.

Framework Ventures allocates half of $400M fund to Web3 gaming

Keep in mind DeFi Summer time 2020? Effectively, enterprise capitalists are gearing up for Web3 Summer time 2022. That ought to assist numb the crippling ache of 2021’s Summer time of Wyckoff. Framework Ventures is anticipating large issues for the house. This week, the enterprise agency introduced that it will make investments $200 million of a brand new $400 million fund in Web3 gaming initiatives. Now for the exhausting half: How do they establish the subsequent Axie Infinity? Framework was an early investor in Chainlink, Aave and The Graph, so it is aware of the right way to spot gems very early.

KuCoin-backed corporations launch $100M Web3 developer fund

I used to affiliate KuCoin with countless shitcoin listings, however the trade is so much larger than I assumed. Not solely does KuCoin have its personal enterprise arm, but it surely’s additionally rolling out a brand new NFT market known as Windvane. KuCoin Ventures and Windvane have co-launched a $100 million “Creators Fund” to assist fund — you guessed it — Web3 initiatives. If we’re going to be technical about it, the Creators Fund needs to focus on NFT startups which can be contributing to the event of Web3. Tasks on the intersection of artwork, sports activities and GameFi are eligible to obtain funding.

Crypto trade CoinDCX raises $135M funding to assist Indian Web3

For all of the uncertainty surrounding India’s cryptocurrency legal guidelines, the nation is changing into fairly the hotbed for digital asset investing. This week, native trade CoinDCX grew to become India’s first crypto-centric enterprise to finish a Sequence D funding spherical, elevating $135 million to assist varied Web3 initiatives. Whereas it’s not completely clear how the funding shall be used, CEO Sumit Gupta stated India has the chance to grow to be a pacesetter within the Web3 financial system. Gupta additionally informed native information retailers that Web3 will solely add to India’s monetary system.

Crypto-focused SPAC raises $115M in Nasdaq IPO

A SPAC by the identify of Aura FAT Tasks Acquisition Corp lately launched its preliminary public providing (IPO) on Nasdaq, elevating $115 million with a deal with crypto trade belongings. The IPO was truly oversubscribed by $15 million, which tells you all that you must know concerning the institutional urge for food for all issues crypto. Aura FAT is eyeing strategic acquisitions within the blockchain sector, specializing in Web3 (there it’s once more), digital ledger expertise (DLT), e-gaming belongings and crypto extra typically. Wait till you learn concerning the SPAC’s geographical presence.

Don’t miss our portfolio reveals!

What does your crypto bag appear like? On this week’s The Market Report, Cointelegraph analysts revealed their crypto holdings. Full disclosure: I’m a hardcore Bitcoiner as a result of I imagine Bitcoin (BTC) is one of the best financial different we’ve within the age of quickly inflating fiat. However, my fellow analysts Jordan Finneseth and Benton Yuan have a a lot completely different take. You possibly can watch the total replay under.

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