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A consortium of cryptocurrency venture capitalists has launched a $20 million fund aimed at investing in undervalued Web3 initiatives and enterprises centered on blockchain gaming and digital collectibles.
Alpha Protocol Ventures (APV) intends to allocate funds across a diverse range of projects within the Web3 landscape, as stated by its CEO and founder Vagelis Diamantis in an email interview with Cointelegraph. He mentioned that gaming and collectibles will be a primary focus, while decentralized finance, layer-1, and layer-2 protocols will also be included in the fund’s investment strategy.
“We will also investigate projects that aim to address real-world challenges such as supply chains, data security, and infrastructure.”
APV has secured funding from Diamantis, Ethernity CEO Nick Rose, Web3 investment firm Morningstar Ventures, and a collective of Web3 angel investors.
Diamantis, who previously served as the chief financial officer of Ethernity, noted that APV has pinpointed several potential investment opportunities, while also providing support to “undervalued projects” that were initiated as “buy-and-hold funds,” including entities like Polygon, Polkastarter, Axie Infinity, and Ethernity.
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Diamantis further remarked that an extended bear market still offers a chance for investors to support nascent projects that are creating innovative solutions utilizing blockchain technology.
“The crypto ecosystem has experienced numerous cycles since its inception. It represents an entirely new asset class that we believe will continue to expand exponentially.”
Diamantis indicated that APV would intensify its focus on blockchain firms and Web3 applications, concentrating on undervalued companies and overlooked blockchain innovations.
Web3 projects and platforms have consistently garnered significant investments from venture capital firms and fund managers throughout 2023.
Animoca Brands revealed plans to invest $30 million into Web3 neobank Hi in July 2023, with founder Yat Siu highlighting innovative offerings such as its customizable non-fungible token-styled crypto debit card as a potential attraction for Web3 enthusiasts in an exclusive interview with Cointelegraph.
In addition, another venture firm, Vessel Capital, announced a $55 million fund that will also seek to support Web3 infrastructure and applications. This figure was surpassed by cryptocurrency exchange Bitget, which introduced a reported $100 million fund aimed at Asia-based Web3 and blockchain projects.
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