Web3, a new generation of blockchain-based decentralisation, Cryptocurrency, and Non-fungible token networking, has recently garnered attention from Cryptocurrency enthusiasts and large technology companies.
According to Sifted Pro briefs, Venture capital invested $30 billion in crypto companies last year, with investments in crypto and decentralised finance (DeFi) start-ups growing sixfold by 2021.
Despite falling tech stocks, a sluggish crypto market, and a slowing global economy, Web3 start-ups continue to look for funding. Berlin-based Cherry Ventures launched a dedicated Web3 fund – Cherry Crypto, earlier this year.
At present, discussions around Web3, NFTs, and Metaverse seem inevitable. Combining artificial intelligence, decentralisation, no middlemen, and no external authorisation, Web3 will likely change the marketing landscape to a large extent.
Entrepreneur Steven Bartlett just raised a $24 million Series A round for his Web3 infrastructure company thirdweb.
The U.S.-based crypto fund Haun Ventures led the round, while the investment arm of crypto exchanges Coinbase, Shopify, and other companies also backed and participated in this round, raising the company’s valuation to $160 million.
“The company originally started as an idea to build an application to help brands and creators to distribute access randomly to fans before we realised that making it easier for others to build those sorts of products might be a better business.”, Bartlett said.
Blockchain and cryptocurrencies have gone from fantasy to innovative multi-billion-dollar industry as start-ups are able to move the market towards universal ownership, willing to build a real community and uniquely connect with the public market.
Web3 sounds like a technological advancement. However, Web3 is not an upgrade of Web2 (e.g., the movement from 3G, 4G to 5G). Blockchain and Web3 are emerging options for the next generation of internet users.
For example, Discord, a marketing pioneer for Web3, has penetrated the mass market and become the preferred discussion platform for Web3.
Numerous VCs are still trying to make Web3 start-ups a success. We can see from the expansion of the NFT market that expanding into a diversified blockchain business creates a driving force for investors, which is more attractive than a cryptocurrency business.