Tag: a16z

Crypto Bull Run Spikes Number of Web3-Focussed Funds as Startups Swarm for Funding, Guidance

The crypto market valuation, for the first time since 2021, is close to its last all-time high of $3 trillion thanks to Bitcoin, ETH, and other cryptocurrencies undergoing a bull run. Startups looking to establish their name in the crypto sector are taking this bull phase seriously and are swarming towards accelerator programmes. Subsequently, the number of fund pools to financially aid early-stage Web3 startups have also risen in number over the last few weeks.

In a symbiotic relationship, accelerator and investment programmes provide Web3 startups with funding, mentorship, and industry guidance from experts – whereas these venture firms get the opportunity to have promising upcoming firms under their umbrellas.

Investment firm Andreessen Horowitz (a16z) was among the first whistleblowers to highlight the swarming of crypto firms towards accelerators programmes. In the last week of March, the venture firm that claims to have over $35 billion in assets – released a list of 25 Web3 startups that have gathered in London to be part of its Crypto Startup Accelerator Spring 2024 program (CSX).

After deliberating which startups to bet on, a16z shortlisted the 25 startups from eight different countries that include Israel, Japan, Poland, Romania, Switzerland, UAE, the UK, and the US.

“The founders of these 25 companies have an ambitious vision paired with the drive and talent to advance core sectors of the crypto ecosystem, including infrastructure, consumer apps, DeFi, payments, games, dev tools, and DePIN,” Jason Rosenthal, the Operating Partner and Head of Crypto Startup School at a16z’s crypto initiative published in a post on X along with the names of the selected startups and their fields of expertise.

Over the course of ten weeks, this programme from a16z will provide the startups with industry-specific resources and mentorship along with giving them a common ground for exploring collaborations with each other.

At present, the crypto market valuation stands at $2.67 trillion (roughly Rs. 2,22,68,721 crore). Bitcoin, which touched its new all-time high of $73,000 (roughly 60.8 lakh) in March – is estimated by many, including financial mammoths like Standard Chartered, to soon reach the price mark of $100,000 (roughly Rs. 83 lakh).

The use-cases of blockchains are also on a boom. Blockchains like Solana, Ethereum, and now Bitcoin are roping in newer Web3 projects everyday offering better security and scalability than Web2 server systems along with better cost effectiveness.

Market analysts predict a boom in Web3 activities in the near future, banking on which, more investment firms are launching investment and mentorship programmes for Web3-specific projects.

A group of venture capital firms like Pantera Capital, CoinFund, Spartan Capital and Sfermion have joined web3 gaming infra provider Helika in launching the Helika Accelerator programme last week.

“With total VC investment in Web3 gaming for 2023 estimated to be about $2.3B, this vertical is poised for colossal growth in 2024,” Anton Umnov, co-founder and CEO of Helika said in a statement.

Through this programme, startups developing blockchain gaming with elements of metaverse, NFTs, and cryptocurrencies can avail studios and a suite of tools for enhancing user acquisition, engagement, retention, and growth. Industry players will also educate selected startups in tokenomics expertise, chain selection, data analytics, marketing, and AI game management.

Web3 venture capital firm Hack VC is another platform to have launched a hefty funding of $150 million (roughly Rs. 1,250 crore) to pour it in young crypto and AI firms.

This increase in accelerator and investment programmes focussed on Web3 come as quite the relief for startups hoping to enter this arena. In 2022, as the world stepped into the post-Coronavirus era, banks in several parts of the world resorted to interest rate hikes to keep their economies from entering the inflation phase. That is when the crypto sector, like many others, underwent a funding winter. The situation is gradually changing.

Venture funding for crypto-related companies in the fourth quarter of 2023 amounted to $1.9 billion, as per data by PitchBook.

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Music NFT Startup ‘Sound’ Bags $20 Million in Funding, Snoop Dogg and a16z Pour Millions

The NFT market, despite the recent ups and downs, has managed to contain the steam in the relatively volatile digital assets sector. Sound, a music NFT platform, has managed to raise $20 million (roughly Rs. 164 crore) with investments from biggies of the NFT community, including pop artist Snoop Dogg. Venture capital firm a16z led this investment round along with Palm Tree Crew, A Capital, Sound Ventures, and Collab + Currency among others also having participated in the funding round.

Sound, as a platform, offers tools to artists that lets them upload and stream their music in the form of NFTs. Without an infringement from any third party, Sound also lets artists monetise their content and earn from their work.

Artists using Sound will be able to retain 95 percent of the proceeds from the sale and streaming of their music. A ten percent resale value is also given to the artists, while they also get to keep ownership and publishing rights.

Snoop Dogg, 51, has been investing in many such Web3 platforms, that are aimed at helping artists get the renumeration for sharing their work with people around the world.

Previously, apps like Instagram, Facebook, and Twitter did provide a platform for the artists to showcase their talent to people around the world, but the artists still would not make sure that they would be able to earn money out of it. This is why turning music into NFTs has seemingly gained heat in the recent past.

In October 2022, Snoop teamed up with country rock veteran Billy Ray Cyrus to announce the launch of their NFT collection titled ‘A Hard Working Man’.

In March this year, Snoop also co-founded ‘Shiller’, that lets creators token-gate their content, share products from commerce sites, and promote popular NFTs.

The impact that Web3 and NFTs could have on the music industry and the overall creator economy has enticed many notable artists to take the sector seriously. Eminem, Justin Bieber, DJ Khalid, and Madonna are among other music artists who have dabbled in the digital assets sector.

The sales of NFTs meanwhile, rose by a massive 117 percent in February 2023. Around March, the valuation of the global NFT market climbed to its nine-month high since June last year to over $2 billion (roughly Rs. 17,200 crore).

In more recent months however, the NFT sector seems to have taken a hit due to the market volatility. Dapper Labs, a blockchain-based video games firm for instance, reportedly announced lay-offs in its team citing the current slowdown in market momentum.

Will the Nothing Phone 2 serve as the successor to the Phone 1, or will the two co-exist? We discuss the company’s recently launched handset and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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