New $20M fund eyes blockchain gaming and NFTs
A group of cryptocurrency venture investors has established a $20 million fund to invest in undervalued Web3 projects and companies focused on blockchain gaming and digital collectibles.
Alpha Protocol Ventures (APV) will look to invest in a variety of projects across the Web3 ecosystem, its CEO and founder Vagelis Diamantis told Cointelegraph in an email interview. He said that gaming and collectibles will be a priority focus, while decentralized finance, layer-1 and layer-2 protocols will also fall within the scope of the fund’s capital allocation.
APV has drawn funding from Diamantis, Ethernity CEO Nick Rose, Web3 investment firm Morningstar Ventures and a group of Web3 angel investors.
Diamantis, formerly the chief financial officer of Ethernity, added that APV had identified a number of potential investment targets, while it would also add support to “undervalued projects” that were launched as “buy-and-hold funds” including the likes of Polygon, Polkastarter, Axie Infinity and Ethernity.
Related: From cricket to crypto: AB de Villiers ventures into Web3
Diamantis also added that a prolonged bear market still presents an opportunity for investors to get behind projects in their infancy that are developing innovative solutions based on blockchain technology.
Diamantis said that APV would double down on blockchain companies and Web3 applications, targeting undervalued companies and undiscovered blockchain technologies.
Web3 projects and platforms have continued to attract sizeable investments from VC firms and fund managers through 2023.
Animoca Brands announced that it would invest $30 million into Web3 neobank Hi in July 2023, with founder Yat Siu outlining innovative products like its customizable nonfungible
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