Bill Ackman, Animoca Brands Eye Asia Web3 Opportunities

9th March 2022
Bill Ackman, Animoca Brands Eye Asia Web3 Opportunities

OP Ventures Fund 1, a Web3 focused fund by OP Crypto, announced yesterday that it had closed a US$50 million funding round.

A number of well known names in crypto took part in the funding, including Terra founder Do Kwon, Polygon co-founder Sandeep Nailwal, Solana co-founder Raj Gokal and Animoca Brands Corp. CEO of Pershing Square Capital Management Bill Ackman and billionaire Alan Howard also made investments.

The fund will reportedly focus on cross-border investments between US and Asia, and has already invested in more than ten Web3 projects, including crypto gaming projects Merit Circle and Aurory.

OP Crypto is headed by David Gan, a former Morgan Stanley analyst and Huobi strategy director. The firm’s investment mandate covers decentralised finance, Web 3.0, and the metaverse. Last year, OP Crypto received a US$25 million investment from Huobi, Galaxy Digital, and pop duo Chainsmokers.

Growing interest

Web3 projects are growing in popularity among retail and institutional investors, with many believing that they will be able to complement cryptocurrencies to form the next iteration of the Internet.

According to Bloomberg, the metaverse industry itself was estimated to be worth US$500 billion in 2020, and is expected to approach US$800 billion within the next three years.

Gan himself claimed that blockchain-based games in Web 3.0 will bring the first “100 million users” into the crypto ecosystem, while the metaverse, social tokens and virtual reality will “bring the next billion”.

However, as Gan explained, interoperability between projects remains key.

“They want in-game items to be transferred and there needs to be infrastructure for the rules to support that”, he said. “Ultimately, people are looking for more niche and focused experiences”.

Written by Bread News Team
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