We certainly see losses in the cryptocurrency and NFT market, but new projects continue to emerge in these sectors. Companies like SKNUPS and TGV4 Plus have recently raised money to fund new Web3 projects. At the same time, celebrities like Dorsey and Jay-Z are investing in initiatives to grow the cryptocurrency industry.
Web3 Projects Find Funding Despite Bear Market
The company SKNUPS has managed to raise $3.5 million to launch a Web3 project focusing on blockchain game collectibles. It must be said that the company offers a platform aimed at NFTs of streetwear and beauty brands in the metaverse world. When announcing the fundraiser, SKNUPS revealed a collaboration with Italian fashion house Dolce & Gabbana.
Similarly, venture capital firm True Global Ventures 4 Plus (TGV4 Plus) has raised more than $60 million in funds to support TGV’s portfolio of Web3 companies and some Web3 projects in advanced phase† At the same time, the Huobi Global cryptocurrency exchange launched a new investment arm called Ivy Blocks. The goal of this branch is to deploy more than a billion dollars worth of cryptoactives for projects in the web3 and DEFI sector.
In addition, Jack Dorsey’s Block (Square) company plans to: switch directly from Web3 to Web5† According to her, Web5 would be the new vision of a decentralized internet. Note that the Web5 is only built on the Bitcoin blockchain and is developed by the TBD branch of Block. She said today’s web has a big problem: users”accounts are assigned by companies and their data is held in application silos†
A plethora of cryptocurrency and NFT projects
Celebrities Dorsey and Jay-Z had invested $24 million last year to launch a project to aid the development of bitcoin (BTC) in Africa and India. The duo are returning this year with another project announced last week. It is about launch of Bitcoin Academy which aims to teach crypto to residents of Marcy Houses, a public housing complex in Brooklyn. In their project, Dorsey and Jay-Z have planned a summer camp in which participants receive a token amount of bitcoins (BTC).
In addition, the identity of the team responsible for Goblin Town, one of the most recent NFT projects, has now been revealed. This is the group of Truth Labs in charge of two other projects, namely: IlluminatiNFT and The 187. After the team behind Goblin Town revealed their identities last Tuesday via a nearly four-minute video posted on Twitter, IlluminatiNFT Collection Hits a Peak Price of 0.67 Ether (ETH)†
In their video, the founders said the project has no roadmap, no Discord server, and no tools. They clarified that Goblin Town works more as a form of group therapy and comic relief.
Despite the bear market and the criticism, cryptocurrencies, NFTs and Web3 are booming with more and more new projects. Companies specializing in these sectors and celebrities who own cryptos are investing more capital to get things done.
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