New $20 Million Fund Established to Invest in Web3 Projects and Blockchain Gaming

Investing in the Future of Web3

A group of cryptocurrency venture investors, Alpha Protocol Ventures (APV), has launched a $20 million fund with the aim to invest in undervalued Web3 projects and companies focused on blockchain gaming and digital collectibles. The CEO and founder of APV, Vagelis Diamantis, highlighted that the fund's priority focus will be on gaming and collectibles, but it will also consider projects related to DeFi and layer 1 and 2 protocols. Diamantis mentioned that APV will explore projects that aim to solve real-world problems such as supply chains, data protection, and infrastructure.

Funding and Investment Targets

APV has secured funding from Diamantis and Nick Rose, the CEO of Ethernity, as well as Web3 investment firm Morningstar Ventures and a group of Web3 angel investors. Diamantis revealed that APV has already identified several potential investment targets and will provide support to undervalued projects that were launched as "buy-and-hold funds," including Polygon, Polkastarter, Axie Infinity, and Ethernity.

Opportunity in a Bear Market

In spite of the current bear market, Diamantis believes that it presents an opportunity for investors to back projects in their early stages that are developing innovative solutions based on blockchain technology. He emphasized that the crypto ecosystem has experienced multiple cycles and that cryptocurrencies are an asset class that will continue to grow exponentially.

Continued VC Investments in Web3

Web3 projects and platforms have been attracting significant investments from venture capital firms and fund managers throughout 2023. Animoca Brands recently announced a $30 million investment into Web3 neobank Hi, which offers customizable nonfungible token (NFT)-styled crypto debit cards. Vessel Capital also revealed a $55 million fund to support Web3 infrastructure and applications, while Bitget launched a $100 million fund targeting Asia-based Web3 and blockchain projects.

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