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Quick take: 
<ul> 
 <li>Aelf has announced the launch of aelf Ventures with a $50M ecosystem fund.</li> 
 <li>The Web3 solutions provider said the fund will be used to boost blockchain innovation.</li> 
 <li>Aelf Ventures has already invested in Web3 projects Crystal Fun and Mythic Protocol.</li> 
</ul> 
Aelf Ventures has emerged from stealth with a $50 million ecosystem fund supporting blockchain innovation. The fund was launched by Aelf, a layer-1 blockchain infrastructure platform championing the transition from web2 to web3. 
According to the announcement, aelf has already invested in Crystal Fun, a decentralised Web3 gaming ecosystem that aims to convert Web2 game players into Web3 users through high-quality games. The fund has also invested in Mythic Protocol, a protocol building a collaborative entertainment universe driven by its community. 
The venture fund has also incubated leading web3 projects including Portkey — a social recovery account abstraction wallet, eBridge — a cross-chain bridge, Forest <a href="https://www.nftgators.com/best-nft-marketplaces/">NFT Marketplace</a>, Awaken Swap — a decentralised exchange (DEX), and EWELL — an initial DEX offering (IDO) platform, among others. 
Commenting on the launch of aelf Ventures, Hazel Zhang, the Head of Investments at aelf <a href="https://www.newswire.ca/news-releases/aelf-launches-50-million-ventures-fund-to-boost-blockchain-innovation-810403489.html" target="_blank" rel="noreferrer noopener">said</a>: “As we navigate the path toward a decentralised Web3 era, aelf Ventures stands as a guiding light for extraordinary minds and groundbreaking projects. Our mission is clear: to champion those who share our vision, investing in founders driven by passion and ideas that resonate with the essence of aelf.”&nbsp; 
Aelf Ventures will also look to incubate and nurture innovative blockchain projects within the aelf and multichain ecosystems, the company wrote in a press release on Thursday. 
According to the announcement, aelf Ventures specifically targets growth-stage blockchain projects looking to bridge Web2 entertainment companies to decentralised Web3. 
The company is now expanding its reach into “venture investments spanning diverse sectors, targeting avant-garde projects with visionary founders in alignment with pursuing a decentralised future.” 
Among projects that aelf Ventures is looking to invest in include those involved in <a href="https://www.nftgators.com/what-is-a-blockchain-game/">blockchain gaming</a>, decentralised finance (DeFi), and <a href="https://www.nftgators.com/what-is-an-nft/">non-fungible tokens (NFTs)</a>. 
Aelf Ventures’ launch comes at a time when the Web3 funding is declining. According to <a href="https://techcrunch.com/2023/07/28/web3-slow-dealmaking/" target="_blank" rel="noreferrer noopener">Tech Crunch</a>, Web3 startups are tracking to raise less than $1.9 billion during the third quarter of 2023. In Q1, the industry raised about $2 billion, with the second quarter just falling short of that figure. 
Still, even after witnessing a backing of <a href="https://techcrunch.com/2023/09/03/crypto-funding-is-freezing-up/" target="_blank" rel="noreferrer noopener">about $1.38 billion</a> in the current quarter, the figures are significantly lower than what the Web3 industry was registering in 2021 and 2022. 
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The post <a rel="nofollow" href="https://www.nftgators.com/aelf-ventures-launches-with-50m-ecosystem-fund-to-support-web3-founders/">Aelf Ventures Launches with $50M Ecosystem Fund to Support Web3 Founders</a> appeared first on <a rel="nofollow" href="https://www.nftgators.com">NFTgators </a>.

Aelf Ventures Launches with $50M Ecosystem Fund to Support Web3 Founders

NFTgators

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