The Metaverse Ventures Fund will back early-stage projects in DeFi, NFTs and GameFi
Crypto-focused venture capital fund NGC Ventures has raised $100 million for its latest blockchain fund.
Investors in the Web 3-focused fund include Babel Finance, Huobi Ventures and Nexo Ventures.
The Metaverse Ventures Fund will back early-stage projects in Web 3 infrastructure including decentralized finance (DeFi), non-fungible tokens (NFTs) and GameFi (play-to-earn blockchain-based games that incorporate DeFi and NFTs).
Through its previous funds, NGC Ventures made early investments in prominent blockchain projects, such as Solana, Oasis and Algorand.
Several funds focusing on the growth of Web 3 infrastructure have emerged in recent months as it becomes an area of increasing interest in the crypto and blockchain industry. In March, Griffin Gaming Partners raised $750 million for a Web 3-focused fund. And crypto lender Nexo spun out a venture arm with $150 million for Web 3 projects and acquisitions in the same month.