Despite a cold crypto winter looming on the horizon, global summits on Web3 continue to attract hoards of visitors. Confidence in Web3 appears to be maintained despite the bear market. So, is Web3 more than just a trending idea? Maybe– or maybe not.
This past May, Google responded to the increasing need for services that support Web3 developers, forming a new team within its cloud computing arm to meet the demand. Furthermore, various major crypto exchanges and venture capital firms are pursuing Web3 technologies. For example, Gate.io, a top 5 crypto exchange, is establishing a dedicated Web3 fund, aiming to share the platform’s success in the digital asset space with innovators seeking to build the future of the internet.
So why are so many companies, startups, and developers focusing on Web3? Let’s take a look at what it has to offer.
Giving power to the people
Web3 refers to the next iteration of the web. Simply put, Web3 is the internet with decentralized blockchain technologies at its core. No longer will user data be controlled by centralized entities. Rather, users will own their data and decide its usage on their terms. Furthermore, content creators can own what they create, and users can transparently govern the web and conduct financial transactions freely without intermediaries.
Putting the power back into the hands of users is a very promising prospect. This attracts both users tired of the status quo of Web2 and developers that aim to build a better digital world tailored for the many and not the few. However, Web3 startups face challenges in turning next-gen ideas into reality. They are competing with tech giants and must integrate early Web3 tech into an internet built for Web2. Gate.io recognizes these challenges and the promises of the future web, offering opportunities for Web3 builders to reach their full potential through various startup channels.
Building crypto ecosystems during a bear market
Gate.io seems to have primed itself to be a cultivator and builder of Web3 long before it was a hot topic, believing in a more fair and open digital world. Throughout 2021, Gate.io set in motion several initiatives to accelerate blockchain developments, creating pathways for promising Web3 projects to gain critical funding, resource support, and listing opportunities.
Gate Grants is one channel that accelerates Web3 startups through funding, but the program reaches beyond monetary support. Recipients are exposed to Gate.io’s operational, technical, and marketing resources. Additionally, a comprehensive DeFi ecosystem, built upon the GateChain blockchain, provides developers with a secure and leading-edge chain to build upon. The combination of industry-leading expertise supported by a blockchain environment tailored for developers is a petri dish for innovation. However, early startups still face challenges within the crypto market.
A project’s ability to innovate and build in the crypto space heavily depends on success in the crypto market. Unfortunately, the market’s oversaturation can be a barrier to projects getting off the ground. Gate.io launched its startup incubator program, Gate Labs, to address this, focusing on connecting projects with traders worldwide. The program provides further funding and offers an accelerated onramp to listing on Gate.io, exposing projects to millions of investors worldwide. As one of the top exchanges with millions of users, the listings help cement projects in the market.
Gate.io heavily emphasizes its rigorous evaluation and selection process throughout its startup channels. Potential projects are subjected to a strict review process to assess trustworthiness, viability, and core development challenges, with only the highest quality projects being selected. Gate.io is committed to supporting high-quality projects that take Web3 to the next stage.
Low-key seeding in anticipation for spring
Broadening its efforts beyond smaller startups, in Q4 2021, Gate.io launched its $100M venture capital fund, Gate Ventures, raising the bar for its level of capital injection into innovative layer 1, layer 2, and cross-chain solutions, many of which are forging the early stage of Web3. The fund extends the resource support provided by the previously mentioned startup channels, but on a much larger scale, with investments ranging into the multi-millions.
Earlier this year, Gate Ventures participated in a $6.5M seed round for SOMA.finance, a hybrid multi-asset decentralized exchange and issuance platform backed by an SEC and FINRA approved license, a first for the decentralized space. The fund is involved with several other technologies that are expanding the realm of Web3, such as Subspace Network, a blockchain and Web3 app facilitator taking aim at the blockchain trilemma, offering scalable and fast solutions for multi-chain dapps without compromising security or decentralization. Further Web3 investments from Gate Ventures include WOO Network, Pyth Network, 1inch, ssv.network, Perion, and Oasys, which are all building innovative solutions for the infrastructure of Web3, GameFi, MetaVerse, DeFi, and more.
Gate.io’s interconnected portfolio of ecosystems is beginning to take shape, aimed at accelerating blockchain, finance, and the web down a better path. Although the market is in a steep downtrend, the value of Web3 remains a beacon of hope for the future of the blockchain industry, with developers flocking to innovate and iterate an antiquated internet needing all the support they can get. Whether Web3 is just a trend or the next iteration of the web, these investments and initiatives are destined to accelerate innovation and contribute to a more decentralized, equitable, and free future.