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New $20M fund targets blockchain games and NFTs

A group of cryptocurrency venture investors has set up a $20 million fund to invest in undervalued Web3 projects and companies focused on blockchain games and digital collectibles.
Vagelis Diamantis, CEO and founder of Alpha Protocol Ventures (APV), said in an interview with Cointelegraph that he plans to invest in various Web3 ecosystem projects. I said games and collectibles will be a priorityDecentralized finance and layer-1 and layer-2 protocols will be included in 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 received funding from Diamantis, Ethernity CEO Nick Rose, investment firm Morningstar Ventures, and a group of Web3 angel investors.
Diamantis, former chief financial officer of Ethernity, added that APV has identified a number of potential investment targets and added support for “undervalue projects” launched as “buy-and-hold funds”, including Polygon, Polkastarter, Axie Infinity and Ethernity. .
Diamantis also stated: The protracted bear market creates an opportunity for investors looking to bet on projects in the embryo stage Developing innovative solutions based on blockchain technology.

“The cryptocurrency ecosystem has gone through many cycles since it was born. This is an entirely new asset class that we believe will only grow exponentially.”

Despite the bear market Web3 projects and platforms continue to attract significant investment from venture capital firms and fund managers.
As of July 2023 Animoca Brands Web3 Hi announced plans to invest $30 million in neobank; In an exclusive interview with Cointelegraph, founder Yat Siu outlined innovative products such as a customizable, non-replaceable crypto debit card as a potential calling card for Web3 enthusiasts.
Meanwhile, another venture company, Ship Capitalannounced a $55 million fund to support Web3 infrastructure and applications. This figure was surpassed by the cryptocurrency exchange Bitget. $100 million fund targeting Asian-based Web3 and blockchain projects.

Translation of Walter Rizzo

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