- Black3Lab has launched a new web3 fund to invest up to $100 million.
- The company said the fund will target ripe web3 sectors.
- The company will focus on projects spearheading the global adoption of Web3.
Black3Lab has announced a new web3 fund that will invest in projects that are spearheading the global adoption of the next iteration of the internet. The company plans to invest up to $100 million in a segment of the industry that it calls “ripe web3 sectors”.
Black3Lab will focus on building web3 products that target the global population. The company is also looking to be at the forefront of driving the enterprise adoption of non-fungible tokens (NFTs), blockchain gaming, and social media.
Black3Lab co-founder Alex Chong said during the launch ceremony that the company will be partnering with three famous partners, reiterating the web3 investment firm’s primary objective of accelerating the global adoption of the technology.
“We are hyper-focused on web 3.0 companies with the suitable DNA to integrate with existing conglomerates with millions of customers for Black3Lab portfolio companies to tap. Ultimately, mass user adoption will allow web 3.0 platforms and projects to achieve explosive growth and sustainable revenue generation capabilities,” Chong said.
Web3 is generally described as a next-generation internet that leverages emerging technologies like blockchain, artificial intelligence, decentralised apps and AR/VR to help developers build products that are focused on user-centric ownership.
Chong believes that given web3’s focus on the user, the technology has the potential to create ten times the market opportunities created by web2.
“User-centric networks deliver significantly higher and more explosive growth than their centralized competitors. At the core, you can always find more favourable terms for users. Web 2.0 gave birth to a US$10 trillion market, and now web 3.0 has the potential to deliver ten times the market opportunities,” Candy, one of the ‘three famous partners’ stated.
Another partner, Bob, who according to the announcement was key to forming a partnership with leading media company Forkast reiterated Candy’s comments about focusing on user-centric ownership as the key to the mass adoption of web3.
“Black3Lab Capital is notably unique: We exist not just out of the goal for strong financial returns but to foster the mass adoption of web 3.0 solutions. We believe user-centric ownership will be the key to unleashing the next-generation internet,” Bob added.
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