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- A UK-Based company, Northzone, has released a 1.01 Billion USD fund.
- Northzone has supported startups like Spotify, Sunscreen, Gro Protocol and more.
- This fund is dedicated towards web3 and crypto sector startups.
New Addition in Web3 Venture Capitalists List
Web3, the decentralized internet which will kick out all the big players acting as an intermediary in the market. Organizations around the globe are throwing a plethora of money which shows their belief in the next iteration of the web. Northzone, a UK-based firm is the latest addition in the list of venture capitalist firms making investments in Web 3.0.
Northzone has launched a 1.01 Billion USD fund to make investments in Web3 and crypto startups. Other prominent companies to have financial contribution for Web3 development includes Coinbase Ventures, Pantera Capital, Sequoia Capital, Paradigm to name a few.
Coinbase Ventures was a part Thirdweb’s 24 Million USD fundraise during august 2022, moreover, the investment arm announced in March 2022 that they will start working on web3 development in India. Similarly, Sequoia Capital announced 850 Million USD and 2 Billion USD fund for Southeast Asia and India respectively for the same purpose in June 2022.
Web3 is witnessing rapid development and support from the big tech giants across the globe. Companies are eager to enter the space as they do not want to miss out on this fascinating notion to grow their business. Apple and Meta (formerly Facebook) are working on their virtual reality headsets which will work as a gateway to the decentralized digital worlds built on Web3.
According to a 2019 report concerning the internet, companies like Apple, Google, Meta, Microsoft and more control 49% of total Web2 traffic. Meanwhile Google solely has a command on around 87% of internet web search. The company has set their standard to a level where if someone hears the term “Internet,” “Google” will be the first word to pop into their heads.
To describe the Internet’s evolution in simple terms: A read-only interface evolved to become an interactive web, now waiting to become a user-owned decentralized space. People will own their data in the next iteration of the internet and make their own guidelines concerning the data utilization.
Another confusion people usually have to go through is that Web3 and Metaverse are the same, well, kind of, but not entirely. Metaverse and Web3 will be a user-owned space, but Web3 is what we call a foundational layer on which the virtual world’s will stand.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
