Alpha Protocol Ventures Raises $20M to Support Undervalued Web3 Projects
Alpha Protocol Ventures (APV), a newly launched platform supported by several groups of crypto venture capitalist, have generated $20 million to promote growth of blockchain and Web3 technologies. The new investment will support undervalued Web3 projects, blockchain games, and digital collectibles.
In an email statement, the chief executive of APV, Vagelis Diamantis, affirmed that the company will prioritize funding different projects in Web3. The top on Diamantis’ priority list will include gaming and digital collectibles.
APV Investing $20 Million in Undervalued Web3 Projects
Afterwards, the APV plans to invest in the growth of the decentralized finance (DeFi) platforms, such as the layer 1 and layer 2 applications.
Diamantis stated that the APV team would explore practical ways to address real-life challenges by investing in core businesses such as supply chain, infrastructure development, and data protection.
In his report, the CEO acknowledged receiving contributions from the chief executive of Ethernity, Nick Rose, Morningstar Ventures, and other Web3 angel investors. Also, the APV team made a significant contribution towards the fundraising.
The CEO confessed that after conducting a thorough market survey, the APV team identified several gaps in the market. The APX noted that despite the exciting growth of the Web3 sector, some of its projects were undervalued.
Factors Underming Growth of Web3
In his observation, most of the projects that were considered undervalued were categorized under the buy-and-hold funds launched on Polygon, Axie Infinity, or Ethernity. Typically, the buy-and-hold funds’ investment involves buying digital assets to increase value after a specific time.
Additionally, Diamantis noted that the ongoing bearish market allows investors to introduce new projects offering revolutionary blockchain technology solutions. He admitted that the crypto ecosystem consists of multiple cycles from early 2009 when Bitcoin (BTC) was first launched.
As the crypto ecosystem continues to evolve, the APV team pledged to extend support to blockchain companies and support the development of Web3 technologies. Firstly, the APV intends to invest in exploring undiscovered blockchain technologies by supporting the undervalued projects.
Expansion of Web3 Sector
As of the press, the Web3 industry has attracted diverse key players in the financial sector. A few months ago, the Animoca brand revealed plans to invest $30 million to redefine the Web3 ecosystem. The Animoca investment inspired Vessel Capital generated $55 million for improving the Web3 industry. Consequently, Bitget replicated the moves made by Animoca brands to invest $100 million to support the growth of Web3 in Asia.
In a study conducted by Alchemy to examine the latest development in Web3, the researcher noted that in Q2 of 2023, the activities in this sector doubled. They observed most of the Web3 activities were triggered by the 11.11 million installations of software developer kits (SDKs). The Alchemy team concluded that the spur in the number of developments had brought positive outcomes to Web3 applications and games for the last six months.
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