Despite the modest gains in the crypto market, the current market sentiment is still very fragile, and from this week’s primary market pitch data (7 projects in total), primary market pitches for DeFi (2) projects are starting to pick up, while pitches for Web3 infrastructure (2) and NFT (3) projects are still the focus of pitches. The following is a summary of the global crypto market’s noteworthy investment and funding information for July 18 — July 24, 2022. 【Infrastructure】 1. Sunscreen | Seed round funding of $4.65 million｜Led by Polychain Capital On July 18, Sunscreen, which specializes in web3 privacy, announced the closing of a $4.65 million seed round led by Polychain Capital, with participation from angel investors including Northzone, Coinbase Ventures, dao5 and Naval Ravikan, and Entropy founder Tux Pacific. Link to original article:https://techcrunch.com/2022/07/18/crypto-blockchain-web3-privacy-cryptography-fully-homomorphic-encryption-startup-sunscreen/ 2. Hashflow | Series A financing of $25 million｜Coinbase Ventures and others participated On July 21, decentralized trading platform Hashflow announced the closing of a $25 million Series A round of funding at a post-investment valuation of $400 million from Electric Capital, Dragonfly Capital Partners, LedgerPrime, Balaji Srinivasan, Jump Crypto, Wintermute Trading, GSR, Kronos Research, Altonomy, Coinbase Ventures, Kraken Ventures, Fabric Ventures, Evernew Capital, Spacewhale Capital, etc. Link to original article:https://blog.hashflow.com/hashflow-raises-25m-series-a-from-jump-crypto-wintermute-and-gsr-3f4e6edec28a 【NFT】 3. Cardinal | Seed round funding of $4.4 million｜Led by Solana Ventures On July 23rd, Cardinal, a Solana-based infrastructure protocol that aims to improve the utility of non-fungible tokens (NFTs), announced the closing of a $4.4 million seed round led by Protagonist and Solana Ventures, with participation from Animoca Brands, Alameda Research, Delphi Digital and CMS Holdings. Link to original article:https://www.theblock.co/post/159128/cardinal-solana-nft-utility-protocol-seed-funding?utm_source=cryptopanic&utm_medium=rss 4. Optic | Seed round funding of $11 million｜Led by Pantera Capital On July 20, Optic, an NFT smart authentication company, closed an $11 million seed funding round co-led by Pantera Capital and Kleiner Perkins, with participation from Greylock Partners, Lattice Capital, OpenSea, Circle, Polygon, CoinDCX, Neon DAO, and Flamingo DAO. CoinDCX, Neon DAO, and Flamingo DAO. The funding will be used to build core AI infrastructure, among other things. Link to original article:https://www.theblock.co/post/158678/nft-fraud-fighters-optic-raise-11-million-in-seed-funding-round?utm_source=twitter&utm_medium=social 5. Zharta | Seed round funding of $4 million｜Led by Greenfield One On July 20, Zharta, creator of a lending protocol for instant NFT collateralized loans, closed a $4 million seed round led by Greenfield One with participation from Shilling Capital, Possible Ventures and others. Link to original article:https://medium.com/@ZhartaFinance/zharta-raises-4-3-m-to-speed-growth-in-instant-nft-lending-f50526fd189e 【DeFi】 6. XLD Finance | Pre-A round of funding of $13 million｜Led by Dragonfly Capital On July 19, XLD Finance, a DeFi service company, announced the closing of a $13 million Pre-A round of financing led by Dragonfly Capital and Infinity Ventures Crypto, with funding from Advance AI, Circle, Digital Currency Group, IDG Capital, Insignia Venture Partners, Integra Partners, Morningstar Ventures, Openspace Ventures, Sfermion, Shima Capital, Transcend Fund TrustToken, UOB Venture Management, Woo Network, Yield Guild Games, YOLO Ventures, Emfarsis, and others. The funds from this round will be used to scale its product and engineering teams, as well as expand its network of authorized partner financial institutions, merchants and billing. Link to original article:https://www.theblock.co/post/157808/web3-infrastructure-startup-xld-finance-raises-13m-to-build-apis-that-enable-financial-access-through-crypto 7. Bluejay Finance | Raised $2.9 million｜C2 Ventures and others participated On July 20, Bluejay Finance, a decentralized Stablecoin protocol, announced a $2.9 million funding round with participation from C2 Ventures, Zee Prime Capital, Stake Capital Group, Daedalus Angels, RNR Capital and other DeFi projects such as Voltz and Flux. Link to original article:https://blockchainreporter.net/stablecoin-protocol-bluejay-finance-raises-2-9m-in-funding/ Cryptogram Venture (CGV) is a Japan-based research and investment institution engaged in crypto. With the business philosophy of “research-driven investment”, it has participated in early investments in FTX, Republic, CasperLabs, AlchemyPay, Graph, Bitkeep, Pocket, and Powerpool, as well as the Japanese government-regulated yen stablecoin JPYW, etc. Meanwhile, CGV FoF is the limited partner of Huobi venture, Rocktree capital, Kirin fund, etc. Currently, CGV has branches in Singapore, Canada, and China.

With a crisis in market liquidity, NFT volume fell 74% month-over-month in June, the largest drop ever. From the primary market investment and financing data (10 projects in total) counted this week, the primary investment and financing of web3 infrastructure (3), Metaverse (3) and DeFi (2) projects started to pick up, while speculative institutions are still cautious about GameFi (1) and NFT (1) projects. CGV, in conjunction with CTC, has put together a roundup of the week’s noteworthy pitches in the global crypto market for July 11 — July 17, 2022, as follows. 【Infrastructure】 1. Quadrata | Seed round funding of $7.5 million｜Led by Dragonfly Capital On July 12, Web3 Identity Network Quadrata closed a $7.5 million seed funding round led by Dragonfly Capital with participation from Franklin Templeton, Abra, GSR Ventures, Orange DAO, Fellows Fund, GreatPoint Franklin Templeton, Abra, GSR Ventures, Orange DAO, Fellows Fund, GreatPoint Ventures, August Capital and others. Link to original article:https://www.coindesk.com/business/2022/07/12/dragonfly-capital-leads-75m-round-for-quadratas-identity-passport/ 2. Farcaster | Raised $30 million｜Led by a16z On July 13, Farcaster, a decentralized social protocol, closed a $30 million funding round led by a16z, with Standard Crypto, Elad Gil, 1confirmation, Scalar Capital, First Round Capital, Volt Capital, A Capital, Todd and Rahul’s Angel Fund, Coinbase Ventures, Mischief, Ansa Capital, Haystack, Ribbit Capital, Chapter One, Multicoin Capital, Offline Ventures, Archetype, Canonical Crypto, Proof Group, Floodgate, Balaji Srinivsasan, 6529, Ray Tonsing and others. Farcaster has released an initial version of its protocol and client, is in development for Farcaster v2, and plans to launch later this year. Link to original article:https://danromero.org/farcaster/ 3. Modular Capital | Raised $20 million｜Multicoin Capital and others participed On July 18, cryptocurrency hedge fund Modular Capital closed a $20 million funding round with participation from Multicoin Capital, ParaFi Capital, Road Capital and LedgerPrime. Link to original article:https://blockworks.co/investment-pros-jump-into-bear-market-with-new-crypto-hedge-fund/= 【DeFi】 4. Contango | Raised $4 million | Coinbase Ventures and others participed On July 14, Contango, a unique decentralized exchange (“DEX”) offering expirable futures (i.e. instruments with a known settlement date), announced a $4 million funding round led by ParaFi, with participation from incubator dlab and Advanced Blockchain AG, as well as Coinbase Ventures, Spartan Group, AngelDAO, Cumberland, GSR Markets, and Amber Group. Link to original article:https://medium.com/contango-exchange/contango-raises-4m-in-a-round-led-by-parafi-to-bring-expirable-futures-to-defi-9424a943741a 5. Empiric Network | Raised $7 million | Jane Street and others participed On July 16, Empiric Network, a new decentralized blockchain oracle on StarkNet, announced the completion of a $7 million funding round led by Variant with participation from Alameda, CMT, Flow Traders, Gemini, Jane Street, StarkWare, and others, which will be used primarily for hiring and expanding the development team. Link to original article:https://www.coindesk.com/business/2022/07/15/decentralized-oracle-empiric-network-launches-with-7m-funding-round/ 【Game】 6. CLUB | Seed round funding of $3.1 million | Led by Zee Prime Capital On July 16, CLUB, a Web3 game studio, announced the closing of a $3.1 million seed funding round led by Zee Prime Capital with participation from ATKA, Merit Circle, CitizenX, Moonlanding Ventures, and Petrock Capital. CLUB is developing the P2E soccer game “CLUB Game”, which aims to introduce Web3 digital ownership to enhance the gaming experience and enable players to realize the value of what they have created. Link to original article:https://alexablockchain.com/club-raises-3-1m-seed-financing/ 【NFT】 7. Hang | Series A financing of $16 million | Led by Paradigm On July 14, Hang, an NFT membership platform, announced the closing of a $16 million Series A round of funding led by Paradigm with participation from Tiger Global, 35 Ventures, Night Ventures and others. Hang’s membership program will use NFT to incentivize users with rewards and perks, and the platform has already partnered with brands such as Budweiser and Pinkberry. Link to original article: https://www.coindesk.com/business/2022/07/14/paradigm-leads-16m-round-for-nft-membership-platform-hang/ 【Metaverse】 8. Hologram | Seed round funding of $6.5 million | Led by Polychain Capital On July 15, Hologram, an on-chain virtual character development platform, announced the closing of a $6.5 million seed round led by Polychain Capital with participation from Nascent, Inflection, The Operating Group, Quantstamp, Neon DAO and others. Link to original article:https://venturebeat.com/2022/07/14/hologram-raises-6-5m-for-blockchain-based-avatars-that-you-can-use-in-video-calls/ 9. Arkive | Raised $9.7 million | Coinbase Ventures and others participed On July 16, Arkive, a decentralized physical museum, closed a $9.7 million funding round led by Offline and TCG Crypto, with participation from NFX, Freestyle Capital, Coinbase Ventures, Not Boring Capital, Precursor, Chainforest and others. Link to original article:http://svdaily.com/2022/07/15/arkive-emerges-from-stealth/ 10. Jakaverse | Raised $3 million in pre-A round | Led by Titan Capital Group On July 18, Jakaverse, a Thai metaverse platform, announced the closing of a $3 million pre-A round of funding led by Titan Capital Group Holdings and the acquisition of 100 Jakaverse metaverse virtual plots. Link to original article:https://www.globenewswire.com/news-release/2022/07/18/2480930/0/en/Jakaverse-Metaverse-Platform-Raises-3M-Pre-Series-A-Financing-from-Young-Millionaire-Partners-Owner-of-Titan-Capital-Group-Holdings-Co-Ltd.html Cryptogram Venture (CGV) is a Japan-based research and investment institution engaged in crypto. With the business philosophy of “research-driven investment”, it has participated in early investments in FTX, Republic, CasperLabs, AlchemyPay, Graph, Bitkeep, Pocket, and Powerpool, as well as the Japanese government-regulated yen stablecoin JPYW, etc. Meanwhile, CGV FoF is the limited partner of Huobi venture, Rocktree capital, Kirin fund, etc. Currently, CGV has branches in Singapore, Canada, and China.

On July 20, 2022, Cryptogram Venture (CGV) announced that “Tokyo Web3 Summer Hackathon (TWSH)”, the first Web3 hackathon in Japan initiated by CGV and supported by experts from institutions such as Ministry of Education, Culture, Sports, Science and Technology (MEXT), Keio University, Sony, Softbank, Asia Blockchain Gaming Alliance (ABGA), Cointelegraph Japan (CTJ), will be held soon. It is reported that the (pre-) registration for participating in the project has started at https://www.web3hackathon.io/, and institutional cooperation, recruitment and negotiation are in progress. This hackathon is held in Japan to support the Japanese government’s vigorous promotion of Web3. Japanese Prime Minister Fumio Kishida recently stated that the advent of the Web3 era might lead Japan’s economic growth; the Japanese government will undertake institutional reforms to create an environment that facilitate the creation of new services — including Web3-related infrastructure. Japan has an enormous potential in encryption and Web3 and may play an essential role in the global Web3 market. The “Tokyo Web3 Summer Hackathon” will be “ Japan-based and global-oriented”, give full play to Japan’s unique “industry-government-academia” cooperation and innovation mechanism to discover, support, and help outstanding talents and teams in the Web3 field and explore the application potential of the Web3 on a global scale, facilitate teams and projects starting smoothly and achieving sustainable growth and development, and provide scientific and technological support and new vitality to the current social development and digital transformation of various industries. Steve Chiu, founder of CGV and event organizer, said that the main topics of this campaign will cover Web3 protocol and infrastructure (L1/L2/cross-chain bridge, storage/identity/communication/audit, etc.); metaverse (virtual land, scenario development, platform building, content production, virtual human, etc.); NFT (new standard protocol, distribution platform, liquidity infrastructure, blue-chip assets, etc.); game (innovative games, basic development layer, distribution platform, guilds, etc.); DAO (basic tools, capital management platform, collection/self-help category, guild governance), etc. Currently, the first batch of judges determined for the competition includes Matsuda Ikkei, member of the Research and Development Bureau of the MEXT; Yamanaka Naoaki, Vice President of the Institute of Electronics, Information and Communication Engineers (IEICE) and Director of the Keio Leading-edge Laboratory of Science and Technology (KLL); Miyazawa Kazumasa, member of the Financial Review Council of the Financial Services Agency of Japan and the “first person” to make electronic payments in Japan; Yamada Yoshiyuki, former head of IT sales business, Softbank Corporation, and experts and scholars in the global crypto industry and Web3 field with a wide range of influence, representatives of investment and research institutions, well-known project founders, etc. The hackathon will gather top industry institutions and potential projects. Participants will get the opportunity to have early contact with first-line projects and share with global organizations and practitioners in Web3 industry. Additionally, they will have access to receive investment and entrepreneurial guidance from top global VC institutions, win prizes with a total prize pool of $150,000, as well as the support of a million-dollar incubation fund. According to the schedule of the hackathon, from July to September, project registration, screening and evaluation, project roadshow, NFT theme exhibition, and other activities will be organized; online pre-selection and outstanding project roadshow will start in mid-August; offline award ceremony is expected to be held in Japan in mid to late September. Application for institutional cooperation (event support, project investment, media cooperation, etc.): Yurinatyou@cgv.fund Website for project (pre-) registration: https://www.web3hackathon.io/ About Cryptogram Venture (CGV): Cryptogram Venture (CGV) is a Japan-based research and investment institution engaged in crypto. With the business philosophy of “research-driven investment”, it has participated in early investments in FTX, Republic, CasperLabs, AlchemyPay, Graph, Bitkeep, Pocket, and Powerpool, as well as the Japanese government-regulated yen stablecoin JPYW, etc. Meanwhile, CGV FoF is the limited partner of Huobi venture, Rocktree capital, Kirin fund, etc. Currently, CGV has branches in Singapore, Canada, and China. About MEXT The Ministry of Education, Culture, Sports, Science and Technology (MEXT) is one of Japan’s central government administrative organs responsible for coordinating education, science, technology, academic, cultural, and sports affairs in Japan. About Keio University Keio University, a world-renowned research and comprehensive university, is the first institution of higher education in Japan. The predecessor of Keio University was a private school of Western learning founded in 1858 for the dissemination of Western natural sciences in the Edo period. Under the guidance and influence of its founder, Yukichi Fukuzawa, Keio University has played a pioneering and leading role in Japanese society. About Sony As a multinational conglomerate based in Japan, Sony is mainly engaged in the development of electronic products. It operates in various fields, such as consumer electronics, electronic games, finance, entertainment, semiconductors, smartphones, cameras, camcorders, audio, etc. Additionally, it has created numerous worldwide brands, including Xperia, Walkman, Sony Music, Columbia Pictures, PlayStation, Alpha, etc. About Softbank Founded in Japan by Masayoshi Son in 1981 and listed in Japan in 1994, SoftBank Group is an integrated venture capital firm with a focus on investments in the IT industry, including networks and telecommunications. SoftBank has invested in over 600 companies worldwide and has majority stakes in more than 300 major IT companies across the world. About Asia Blockchain Gaming Alliance (ABGA） Asia Blockchain Gaming Alliance (ABGA) is a non-profit Blockchain Gaming Alliance launched by leading institutions in the gaming industry. It aims to gather industry information, screen outstanding teams and enterprises, broaden investment horizons, and promote the development of Blockchain Gaming industry, thus helping the Asian high-quality projects and teams gain a foothold in Asia and go global. About Cointelegraph Japan (CTJ) Cointelegraph Japan is an international media company based in Japanese-speaking areas. It focuses on blockchain fintech, and real-time, objective, and true reporting, adhering to originality and connecting the world.

Authors: Shigeru, researchers of CGV FOF When it comes to “narrative”, we usually understand it as “storytelling”. Not really. Narrative Economics, the latest book written by Nobel prize-winning economist Robert Shiller, provides us with a brand-new perspective. Shiller discovered the critical role of “narrative” in financial asset pricing and market volatility: events themselves may not be important, but the way the “story” is processed, encoded, processed, and embellished matters a lot. If the same event is interpreted from different perspectives, at different levels, and with different logic, the impact on financial markets will be completely different. In this regard, the crypto market is inherently financial, and constantly looking for new narratives, which is an important way to attract funds and talents. Only when funds and talents continue to enter the market can new narratives be realized. So, the new narrative creates new room for growth. It is crucial for crypto practitioners to discover and anticipate the new narrative of the future to make respond and layout in advance. Since 2020, we have witnessed the rise of DeFi, the emergence of NFTs, the popularity of GameFi, the nationwide pursuit of the metaverse, the implementation of Layer 2, the madness of the new public chain, etc. These narratives in different fields facilitate the rapid growth of the crypto market. The concept of Web3 is ambitious. The research team of Cryptogram Venture (CGV) tries to figure out the key clues that belong to new narratives of the next crypto bull market from the perspective of the needs of segmented scenarios and the pain points and trends of the current crypto industry. 1. Soulbound Token Scenario A: Traditional financial markets are built on credit. In the crypto lending market, it is difficult for individual borrowers with insufficient collateral to obtain mortgages due to technical limitations in proving an individual’s or institution’s ability to repay the loan. Scenario B: DAOs may face a huge threat in the event of sybil attacks, where individuals or groups accumulate large amounts of governance tokens and manipulate votes on proposals in their favor. Scenario C: If users lose the wallet’s secret key, it will result in a permanent loss of access to the wallet. Is it possible to recover the secret key by transferring control of the lost account to the new secret key through social networks such as friends, family, and other contacts? In May 2022, economist and sociologist E. Glen Weyl, lawyer Puja Ohlhaver, and Ethereum founder Vitalik Buterin proposed Soulbound Token (SBT). The concept of “soulbound” originated from the multiplayer online role-playing game “World of Warcraft”. Most of the powerful props in this game are soulbound. Once the soulbound props are picked up, they cannot be transferred or sold to other players. SBTs are known as the components of the original foundation in the Decentralized Society (DeSoc) Web3 trend. Similar to resumes or medical records in the non-Web3 world, SBTs are non-transferable tokens that represent the “commitments, credentials and affiliations” that make up the social relationships on a Web3 network. With the help of SBTs, the issue of insufficient mortgage loans can be well solved by developing a provable reputation system; the issue of Sybil attacks on DAOs can be well solved by checking the correlation between voted Souls and held SBTs. Besides, SBT will play an important role in scenarios such as social wallet recovery, airdrop mechanism optimization, GameFi levels, standings, and special skill binding. CGV deems that the proposal of SBT may create a richer Web3 world for users, that is, integrating real social structures (such as families, churches, teams, companies, etc.) into Web3, not just the financial system (DeFi). 2. Zero-Knowledge Proof Scenario D: To protect the privacy of users, how do data analytics companies manage to draw conclusions on data analysis without seeing data or addresses? Scenario E: DeFi users do not want their property transactions to be viewed or tracked by others. What should they do? Zero Knowledge Proof (ZKP) is a method by which the prover can prove to the verifier that a given statement is true while the prover avoids conveying any additional information apart from the fact that the statement is indeed true. Zk-snark and ZK-Stark are two of the most widely used technologies after ZKP mechanism is transformed into computer programming languages. In 2021, Vitalik said in an article, “Perhaps the most powerful cryptographic technology to come out of the last decade is general purpose succinct zero knowledge proofs, usually called zk-SNARKs.” As one of the main usage scenarios of ZKP, privacy is classified into transaction privacy and data privacy. For a long time, many people have wondered: Why is the privacy issue big on promises and short on action? The number of users and usage is not large, and many people even think that privacy is a false proposition. In the Web3 era, we have seen the emergency of various applications such as DeFi, NFT, GameFi, and SocialFi, and the chains have more and more features. Simple anonymous transfers can no longer meet people’s needs for privacy. In a transaction, if you have to prove that you own an unspent asset, but you do not want to reveal the entire source of the asset, ZKP can solve the information leakage caused by transaction transparency, such as transfer address and amount. It is quite important for financial applications such as currency payments, hedge funds, exchanges, and P2P. Projects such as Manta Network, Aleo, and NYM deserve attention. In terms of data protection, many projects protect data privacy (blockchain hybrid architecture) via trusted execution environment (TEE), multi-party secure computing, etc., such as identity information, medical information, etc. With the increasing requirements for the protection of user data and the expansion of cryptocurrency usage, the prediction of renowned investor Naval Ravikant — the inevitable endpoint of crypto is maximum decentralization and maximum privacy — may gradually become a reality. 3. Modularity Scenario F: Currently, L2s based on ETH Rollup mainly include Arbitrum, Optimism, Starkware, Zk-sync, Polygon, Aztec, Boba, Metis. In the future, there may be 10 to 20 new rollups, and there may be strong liquidity fragmentation between these L2s. Scenario G: A secondary market that allows the trading of existing DeFi options has not yet been established. The secondary market with liquid DeFi options could become a reality if a viable limit order book exchange is achieved and the minimum segment size for trading is reduced (by lowering transaction costs). Scenario H: Arbitrum, one of the most popular Ethereum Layer 2 scaling networks, opened the second phase of the Odyssey activities. Due to high gas costs caused by heavy load on the chain, Arbitrum announced the suspension of Odyssey activities. Embarrassingly, Arbitrum’s main goal is to significantly reduce gas costs to improve user experience. It is generally believed that a single public chain has the problem of “impossible trinity”, and it is difficult to achieve security, scalability, and decentralization simultaneously. Modularity is essentially a vision centered on scaling solution, a solution to the “impossible trinity”. The modular public chain is to modularize the techniques, applications, rules, and standards of the public chain. Each module is a blockchain, and they are responsible for different features (such as execution layer, consensus security layer, data availability layer, DEX application chain, stable currency application chain, NFT application chain, derivative application chain, etc.). It is convenient for different project developers to match processing solutions according to their needs. For example, transactions are executed through high-speed rollups, the secure settlement layer handles settlement, and the low-cost and high-volume data availability layer deals with security. In fact, the modular public chain is not a new concept. With the maturity of the Ethereum Layer 2 solution, it has gradually attracted the attention of the industry. Currently, the Ethereum Layer 2 solution is not a panacea. The Optimism and Arbitrum have encountered major issues one after another, indicating that Layer 2 is still in an infancy stage. With the influx of users, various bugs may appear. Therefore, the first generation of smart contract platforms represented by Ether, which tries to do everything from data storage to Turing complete on one platform, has a long way to go. In the future, we will see the stack break down into data availability and consistency, block validation and construction, transaction ordering and block proposal, and multi-purpose or directed computation. Projects such as Celestia and Assembly have been fully explored. We believe the composability of blockchain technology, from DeFi to modular public chain, will enrich the crypto world. 4. Hyperautomation Scenario I: The V3 released by Uniswap improves the refined operation of LPs, but both LP farmers who want to earn transaction fees and project teams who want to better motivate their token liquidity often run into trouble beyond liquidity. Scenario J: For loan users, they do not want to be liquidated by the platform in the event of drastic changes in the market. If one is able to set the collateral/debt ratio, once it falls below the threshold set by the user, one would like the platform to sell some of the collateral to pay off the debt, thus keeping as much collateral as possible for the user. Scenario K: In GameFi projects, players are required to pay gas fees for the creation and execution of transactions. If users don’t have enough network token balances, or transactions get stuck due to a sudden spike in gas fees, players can’t stay in the game, resulting in high bounce rates. The traditional financial services industry is full of complex processes, transactions, and payments connecting clients, buyers, dealers, regulators and other stakeholders, often resulting in high manual reliance on process management issues, which makes automation increasingly important for providing a seamless client experience. “Hyperautomation” has become an effective tool for improving efficiency in the traditional financial industry. It refers to the effective combination of machine learning, process mining, API integration and intelligent workflow orchestration to automate the delivery of services to clients without high complexity. Business process automation tools and artificial intelligence technology are the two cores of hyperautomation. In the world of Web 3, especially in the field of DeFi, there are a host of features that need to be triggered periodically or under specific conditions, such as periodic revenue reinvestment, periodic payroll, liquidity rebalancing, etc. The project team hopes to automate these behaviors and improve the efficiency and usage experience of the protocol. such as stablecoin protocols for automatic revenue reinvestment, aggregation protocols for arbitrage trading, NFT shard protocols for distributing pledge rewards, and money management protocols for paying DAO members’ salaries. If the project party establishes the entire robot program to trigger the operation of the smart contract, it will take lots of time and cost to establish, operate and maintain it. In this regard, DeFi developers can outsource their web3 DevOps needs and focus on building core products. It creates large market space for automation service providers, such as Gelato, Chainlink, and KP3R, etc. For example, Gelato Relay helps Web3 application and infrastructure developers employ simple APIs to quickly, cost-effectively, and reliably mine arbitrary transactions on behalf of their users or protocols, enabling use cases such as gas-free transactions, solving common user experience issues such as the need to switch between multiple networks or concerns about stuck transactions. CGV holds that in the long run, if smart contracts in the Web 3 world can make real-time, safe and fast responses to specific scenarios in the real world and the Web 2 world, and build a bridge between the real world and Web 2 APIs and Web 3 smart contracts, hyper-automation will have a more promising future. 5. External Market Scenario L: The emergence of Web3 and the popularity of NFTs have made many people enthusiastic about the encryption market, but they generally do not have a good understanding of the encryption market, and the threshold for registering digital wallets and completing on-chain transactions is high. Scenario M: Some public chains and DeFi protocol developers face hundreds or even dozens of active users every day, and fail to expand their customer base. Scenario N: Some traditional manufacturers and Internet companies intend to integrate NFT technology with their business to build new business models. Additionally, many NFT ecological service providers are competing for the stock market of encrypted users. Can the demands of the two be reconciled? From the perspective of economics, the impact of a private economic behavior on social welfare is called externality. The CGV research team reviewed the history of the crypto industry and found that every magnificent bull market is inextricably associated with the burst of a specific externality market. Before 2018, the miners, computing power market, digital currency trading, and exchange market were the main elements of the crypto industry. From 2018 to 2020, with the rise of DeFi summer, liquidity providers, pledges, and insurance markets were in full swing. Since 2021, X-to-earn market, Guild market, NFT creation market have become the best testing ground for creating a crypto externality market. For example, StepN, based on the user’s pursuit of health through running, has encouraged hundreds of thousands or even millions of people who have never been exposed to the crypto world to create digital asset wallets, and popularized basic DeFi operations. Axie is just a battle game, but it has nurtured the thriving Guild economy. Some guilds have become inclusive financial service facilities in Southeast Asia. AYC has huge externalities and uses NFTs to form a large group of high-net-worth investors. From the perspective of Web3, token has high liquidity, high openness and composability, making Web3 products and agreements generate unexpected external market. Looking forward to the next cycle, public chains, NFTs, and DeFi may be the first batch of key areas to trigger a new wave of externality markets. Taking StepN, which used to rely on Solana, as an example, it has successively become the largest NFT trading market on Solana and the DEX with the highest transaction volume, etc., attracting hundreds of thousands of new users to the Solana ecosystem, which in turn “nourishes” the competitiveness of the public chain. It is believed that in the future, there will be many applications similar to StepN, and their support for different public chain ecologies may influence the competitive pattern of the public chain. Besides, NFTs are not just PFPs used to show off or socialize business cards. Most NFTs represent a subculture or meme color, which gives people a sense of belonging. What NFT can achieve in the future is to reach the goal of a license-free community in a value-added way. NFTs may become the best tool for connecting the real economy and the cryptoeconomy, but they are often overlooked by today’s NFT ecosystem. In the real economy, the user portraits of many products are different, and the data between products and companies are not interconnected. The users of Company A and Company B may be highly overlapped. With the help of NFT tools, companies can better target users, making it easier for users to find tribes and optimizing the process of exchanging signals with others, which is bound to create more new externalities to the crypto industry. For example, many business entities can offer unique discounts based on the historical record of the wallet. It is something a traditional membership card cannot do. How amazing it would be if the owner of a BMW model used NFTs to get discounts on products like LV, Apple, or even a real estate property without having to get authorization from a different brand owner. Similarly, in terms of Cefi and DeFi, whoever can attract more external capital will have more say in the financial markets. Since its establishment, the FTX trading platform has constantly made efforts and achieved results in compliance. SBF has said that although compliance would slow down the development and expansion in the short term, it facilitates stable and long-lasting business expansion in the long term. FTX focuses on compliance development because it attaches great importance to the development of externality markets. 6. X to Earn 2.0 Scenario O: From Axie Inifity to StepN, it seems that the X to Earn mode is cursed with a “death spiral.” When can old products usher in the “second curve”? Can we create a sustainable X to Earn mode? Scenario P: Play to Earn, Move to Earn, Bike to Earn, Learn to Earn, Drive to Earn, Sleep to Earn, Eat to Earn, Read to Earn, Write to Earn, Code to Earn, Create to Earn, Sing to Earn, Meditate to Earn, etc. Which type is the most promising? X to Earn is essentially a new growth paradigm of Web3. Scenario X is the foundation of the project, and the economic model Earn is designed to serve X. After experiencing the dazzling X to Earn market and the bear market, it is believed that very few projects will stand out. We tentatively call this stage the X to Earn 1.0. As the X to Earn 2.0 is approaching, we will see new market changes. The popularity of the X to Earn mode does not mean that everything can adopt this mode. The right specific scenario is the primary condition for the success of X to Earn. The CGV research team also agrees with Mtyl’s understanding of the selection of X scenarios. A suitable X needs to satisfy: 1. The labor results can be quantified. Labor outcomes that are difficult to be explicitly quantified may pose significant challenges to the design of economic models; 2. Positive value of the scenario to the public. Provide intangible value to users, reduce revenue sensitivity, and make it easier to attract new users. Sports, games, learning, and reading are the four main scenarios that are favored. Among them, iJump, ATP.Club and other projects deserve long-term attention. As for the economic model, whether it is a dual token, high reward, user attraction, fission, etc., the core is to control the inflow and outflow of the elements of the entire economic system, adjusting while developing. Additionally, building product barriers through network effects, educating and guiding users to pay more attention to the intangible value of the scenario to obtain, etc., are also important business model evolutionary trends. Of course, the daily operation of X to Earn is also very important. How to balance comprehensive factors such as community data flow, new users, gold farming returns, and user conversion rates are equally challenging in X to Earn 1.0 and 2.0. 7. NFT Finance (NFTFi) Scenario Q: Most of the investment income of NFT still comes from buying low and selling high. Investors are often afraid to enter or exit the market for fear of “selling at a low price” or mispricing the asset, which is not conducive to increasing transaction volume and frequency. Scenario R: As NFTs can only be purchased in integers and vary in rarity, different NFTs have different values, making it difficult to improve the transaction experience. Scenario S: In the eyes of different collectors or investors, even the same NFT has different values, and the ambiguous pricing makes it more difficult for buyers and sellers to reach a consensus on the transaction, resulting in insufficient liquidity and capital utilization. Whether it is the emergence of NFTs such as personal profile pictures/avatars (PFP) and digital artworks, or the record-breaking transaction volume of NFT trading markets such as OpenSea and LooksRare, they have validated that NFTs have values and are financial assets. In theory, all financial assets can be securitized — that is, converted into the tradable, fungible items with monetary value. However, in the NFT financial world, issues such as reliable and accepted valuations and instant liquidity models have not yet been resolved, and NFT financialization has a long way to go. According to CGV, taking the size of the lending market as an example: in the traditional financial market, the lending penetration rate is over 50% in the $40 trillion credit market for hard assets (mortgages and real estate industry, etc.); the lending penetration rate is about 10% in the $2 trillion art and collectibles market. The NFT transaction volume in May 2022 was $3 billion, and optimistic estimates suggested that NFT credit market penetration rate was between 1 to 3%. Fair and timely pricing is the first step in the development of the NFT financial market. However, high market volatility, extreme trading volume fluctuations, and the diverse characteristics of NFTs make NFT valuation and evaluation very challenging and complex. The exploration of oracle based on on-chain data (e.g., Upshot, NFTBank) or manually-evaluated projects (e.g., Abacus) is noteworthy. The lack of a scalable, low-risk and credible price evaluation mechanism severely restricts the development of the NFT credit market, resulting in the demand for NFT-backed loans exceeding the supply of loan capital and causing significant unmet demand for NFT lending. If only CryptoPunks, BAYC, MAYC, CloneX, which are blue-chip top NFT holders in the lending market, are the main service targets, NFT Finance will only be a castle in the air. However, the peer-to-peer model represented by NFTfi and Arcade, and the peer-to-pool model represented by BendDAO, as well as Cedar’s “buy now, pay later” model, etc., have innovated their unique way. It is worth noting that dividing NFTs into fragmented and fungible tokens cannot effectively address liquidity issues. In the absence of utility and increased revenue, the essence is to convert an illiquid NFT into an illiquid ERC-20 token. When many people share the same NFT, it may cause new difficulties for asset governance. Additionally, as NFT technology is widely used across industries, just as there are general-purpose and specialized marketplaces today, we may see more financialized products targeting specific NFT categories, such as specialized protocols for medical records, conversations, insurance contracts, etc., as the NFT financial infrastructure for various vertical fields. 8. Virtual Real Estate Scenario T: There are more and more metaverse platforms for socializing, playing games, selling NFT, attending conferences, and attending virtual concerts. All of them sound cool, but who should design, develop, operate and maintain the specific scenarios and gameplay? Scenario U: What is the value of owning a piece of virtual real estate in the metaverse, other than waiting for the land price to rise? Can I borrow from the market if I need money? Since its inception, the metaverse has been regarded as an important way to build the future digital world. People imagine that everything in the real world will be replicated in the metaverse, and even gain a unique experience that transcends the limitations of time and space. Virtual real estate has become the first field in the current metaverse economic system to be found valuable, and is known as the “cornerstone of metaverse assets”. It is estimated that the value of the virtual real estate industry will grow at a CAGR of 31.2% between 2022 and 2028. Virtual real estate is not only a digital image, but also a programmable space within the virtual reality platform. Assuming you own a piece of virtual real estate where you can host events and collect rents; sell banners or advertisements and receive advertising revenues; organize various games and receive commissions from the proceeds of games. Early entrants can get access to the earliest asset transactions in the metaverse and preferential access to the latest assets. Therefore, the construction and innovation of business models based on virtual real estate, with a view to providing more immersive, real-time and diverse pan-entertainment experiences for landowners, artists, business owners and various users, will become a new trend and innovative business growth point. CGV predicts that in the future, new organizational forms centered on virtual real estate, such as DAOs and guilds, and emerging businesses such as virtual real estate issuance, and operation and trading platforms may have huge market demand. Taking MetaEstate, a metaverse ecological service provider as an example, it has conducted relevant business exploration and practice, carried out extensive business around global metaverse planning and rational land use, building excellent buildings, introducing famous IP, developing usage scenarios, marketing activities, property management services, etc. It has also laid out virtual real estate management, fund assetization, business globalization and EstateFi financial cooperation, forming a closed loop of metaverse virtual real estate ecological services. 9. Crypto Mobile Terminal Scenario V: Most of the DAPPs encrypted by Web 3 are deployed on the computer side. Even the Web 3 wallet Metamask has a better user experience on the computer side. If users want to mint an NFT using a phone, the experience is terrible. Scenario W: Hardware wallets are increasingly recognized as safe but somewhat cumbersome to use. Nowadays, when everything is integrated into mobile phones, it is sometimes a bit troublesome to carry around a hardware wallet. Currently, mobile Internet has occupied most of the user’s time, it is inconvenient for users to operate on the PC side. However, crypto users are often forced to do so. Objectively, many crypto, decentralized finance, and NFT applications are less operable on mobile devices than on desktop, or have cumbersome user interfaces. If the native mobile hardware and system are used as the bottom layer, many problems can be easily solved. The hardware demand for wallet, known as the entrance to the encrypted world, will gradually be stimulated. Many people may criticize that the security of the built-in cold wallet in mobile phones cannot compete with the hardware wallet. However, once cryptocurrency transactions become widespread, asset share reaches a certain level, or a large amount of liquidity is generated, the demand for secure storage hardware will constantly unleashed. Let’s look at the U shield, which seems to have withdrawn from the stage of history after the widespread application of bank’s APP. Today, we have seen crypto projects and traditional phone manufacturers’ new attempts in the crypto phones. On June 23, 2022, Solana Labs announced that it was developing its smartphone brand, Saga, with a built-in Solana Mobile Stack (including mobile wallet adapter, seed bank, and Solana Pay) at a cost of about $1,000. It will come on the market in early 2023. On June 29, HTC launched Metaverse cell phone, Viverse App with built-in portal to the metasverse, Vive Avatar that can build virtual avatars, Vive Wallet that manages virtual assets, etc. Based on the analysis of the CGV research team, encrypted mobile devices are more than just making cryptocurrency applications more mobile friendly, and the project party may play a bigger game. If Solana Mobile joins hands with mobile operators to carry out market activities such as recharging and pledging SOL, using the phone for free and enjoying preferential packages on phone bills, does this open a new chapter in Solana’s ecology to some extent? 10. Crypto ETF Scenario X: For newcomers to the crypto industry, the endless emergence of cryptocurrency products and high transaction costs require simpler channels and user-friendly products to meet their investment needs safely and conveniently. Scenario Y: For one or more fields with promising future, professional investors hope to select their favorite ETF/portfolio and balance investment risks according to style, industry, cross-market, asset class and other personalized mix. Scenario Z: As a KOL with millions of fans or an investment-type DAO, they want to select mainstream tokens in the market based on a customized liquidity pool, issue, and manage their DeFi derivative assets (ETF/portfolio), and get revenues. ETF is not a new term. Every once in a while, you hear that a company has filed an application for a Bitcoin ETF to the SEC. But so far, the SEC has either delayed approval of the Bitcoin ETF or repeatedly solicited public opinions. ETF (Exchange Traded Fund) is an exchange-traded open-end index fund, also commonly known as an exchange-traded fund. It is listed in the exchange and traded with variable fund shares. After the global financial crisis in 2008, ETFs became the most popular investment tool. By the end of 2021, according to Wind, the total size of US ETFs ($7.19 trillion) was about 10% of the size of the US stock market ($68.9 trillion). As a simple and convenient way to access Bitcoin, Bitcoin ETFs help investors avoid the complex process of cryptocurrency trading and the risks that crypto assets may face in transmission and storage, which can stimulate more demand for buying and trading. Therefore, the approval of cryptocurrency ETFs is an important sign for cryptocurrencies to move towards compliance and attract more traditional investors. On October 19, 2021, ProShares Bitcoin Strategy ETF (BITO), the first ETF to track Bitcoin futures prices, was listed on the New York Stock Exchange. Although it tracks bitcoin futures prices, it marks a milestone in the cryptocurrency’s acceptance by traditional financial regulators. We believe that in the near future, with the promotion of regulatory compliance, the Bitcoin spot ETF may be approved for listing. In addition to Bitcoin ETFs and Ethereum ETFs connected to the traditional financial world, crypto ETFs are expected to become a new blue ocean market. Investors can make an informed investment without having to know the complexity of the different crypto protocols, the economics of each token, or the historical performance. Create a diversified portfolio of crypto assets by simply investing in a single ETF. Currently, more and more exchanges have introduced leveraged ETFs into their encrypted financial derivatives ecosystem, and companies and investors are also looking forward to a convenient, easy-to-operate, and secure investment portfolio/ETF trading platform (such as DeSyn Protocol, Phuture, etc.). It is foreseeable that after the adoption of the Bitcoin spot ETF and the perfection of the crypto ETF market, crypto ETF administrators (financial advisors) such as BlackRock iSahres in the traditional financial field will become new roles for trading platforms, ETF issuance management platforms, investment institutions, DAOs and KOLs to compete for, and it may form the “Matthew effect”. In the current special world, at a special time point, there is too much uncertainty and interference for such a special encryption industry. It is indeed difficult to seek the theme of the new narrative of the next bull market. But history often tells us that opportunity is often left to those who are prepared for it. May we all be lucky enough to be prophets, narrators and witnesses of the new crypto narrative, and to welcome the new starting point of the crypto market. Note:This article is a CGV research paper and is for reference only. It does not constitute any investment proposal. Cryptogram Venture (CGV) is a Japan-based research and investment institution engaged in crypto. It has participated in early investments in FTX, Republic, CasperLabs, AlchemyPay Graph, Pocket, and Powerpool, as well as the Japanese government-regulated yen stablecoin JPYW, etc. CGV FoF is the limited partner of Huobi venture, Rocktree capital, Kirin fund, etc. Currently, CGV has branches in Singapore, Canada, and China.

With the global macro environment in turmoil, crypto market investments have also gradually turned cold, and several institutions are in deep liquidity crisis. From this week’s statistics (5 projects in total), the number of investment and financing for web3 infrastructure (2) and Game (3) projects has significantly decreased. CGV, in conjunction with CTC, has put together a summary of the noteworthy investment and financing information for the global crypto market for the week of July 4 — July 10, 2022, as follows. 【Infrastructure】 1. Thalex｜Series A financing of $7.5 million｜Bitfinex and others participed On July 7, Thalex, a trading platform offering stablecoin-settled crypto options and futures, announced that it has closed a $7.5 million Series A funding round with participation from Bitfinex, Bitstamp, Flow Traders, IMC, QCP and Wintermute. Thalex is a crypto-native derivatives exchange founded by a multi-faceted team of experts in traditional brokerage, crypto and market making. Link to original article:https://www.prnewswire.com/news-releases/new-crypto-options-and-futures-exchange-thalex-closes-series-a-funding-round-301582212.html 2. Hided Road｜Series A financing of $50 million｜FTX and others participed On July 8, Hided Road Partners, a global credit provider, announced the closing of a $50 million Series A round led by Castle Island Ventures, with participation from Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Trading, Coinbase Ventures and others. XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Trading, Coinbase Ventures and others. Link to original article:https://www.theblock.co/post/156379/hidden-road-announces-50-million-series-a-round-led-by-castle-island-ventures 【Game】 3. Klang Games｜Raised $41 million｜Led by Animoca Brands On July 6, German game developer Klang Games announced the closing of a $41 million funding round led by Animoca Brands and Kingsway Capital, with participation from Anthos, Novator, Supercell, Roosh, AngelHub and New Life Ventures. Link to original article:https://venturebeat.com/2022/07/06/klang-games-raises-41m-to-build-seed-virtual-world-with-ai-beings/ 4. Planetarium Labs｜Series A financing of $32 million｜Led by Animoca Brands On July 7, Planetarium Labs, which is building a community-driven Web3 game network, announced the completion of a $32 million Series A funding round led by Animoca Brands with participation from Samsung Next, Krust Universe, Kakao, WeMade and others. Link to original article:https://www.coindesk.com/business/2022/07/07/animoca-brands-leads-32m-funding-for-web3-game-company-planetarium-labs/ 5. Aver｜Seed round funding of $7.5 million｜Led by Jump Crypto On July 9, Aver, the sports entertainment platform on Solana Eco, closed a $7.5 million seed round led by Jump Crypto, with participation from PetRock Capital, Solar Eco Fund, Serum Ventures, Blue Pool Capital, Genesis Block Ventures, Susquehanna International Group, Mirana Ventures and others. The funding will be used to expand Aver’s presence in the U.S. and Europe and to explore the P2E game business with additional game publishers and development companies. Link to original article:https://playtoearndiary.com/solana-built-sports-betting-exchange-aver-raises-7-5/ About CGV FoF: Cryptogram Venture (CGV) is a Japan-based research and investment institution engaged in crypto. It has participated in early investments in FTX, Republic, CasperLabs, AlchemyPay Graph, Pocket, and Powerpool, as well as the Japanese government-regulated yen stablecoin JPYW, etc. CGV FoF is the limited partner of Huobi venture, Rocktree capital, Kirin fund, etc. Currently, CGV has branches in Singapore, Canada, and China.

Users in the crypto market are decreasing dramatically, with data showing that the number of daily active users of DeFi has decreased by 80.54% from its peak in May 2021. Looking at this week’s statistics (7 projects in total), the number of pitches for web3 infrastructure (3), Game (2), NFT (1) DeFi (1) projects is significantly lower.CGV, in conjunction with CTC, has put together a roundup of the week’s noteworthy pitches in the global crypto market for June 27 — July 3, 2022, as follows. 【Infrastructure】 1. Linera｜Seed round financing of $6 million｜Led by a16z On June 29th, Linera announced the closing of a $6 million seed round led by a16z with participation from Cygni Capital, Kima Ventures and Tribe Capital. Link to original article:https://www.coindesk.com/business/2022/06/28/a16z-leads-6m-seed-funding-round-in-layer-1-blockchain-linera/ 2. MagicSquare｜Seed round funding of $3 million｜Led by Binance Labs On July 1, MagicSquare, an app store, announced the closing of a $3 million seed round led by Binance Labs with participation from KuCoin Labs, GSR, IQProtocol, Gravity Ventures and others. Users can discover and experience a variety of dapps, CeFi and DeFi, NFT, games, and more in Magic Square. Link to original article:https://twitter.com/MagicSquareio/status/1542783632875536384 3. AltLayer｜Seed round funding of $7.2 million｜Led by Polychain Capital On July 1, AltLayer, an Ethereum scaling startup that will offer application-specific chains, closed a $7.2 million seed funding round led by Polychain Capital, Jump Crypto and Breyer Capital, with participation from Gavin Wood, founder of Polka, and Balaji Srinivasan, former Coinbase CTO and former a16z partner. Link to original article:https://www.theblock.co/post/155446/altlayer-raises-seed-funding-blockchain?utm_source=twitter&utm_medium=social 【NFT】 4. NFTEye｜Seed round funding of $1.65 million｜Led by Sky9 Capital On June 30, NFTEye, an NFT analytics platform, announced the closing of a $1.65 million seed round led by Sky9 Capital with participation from IMO Ventures, NGC Ventures, Smrti Lab, Old Fashion Research (OFR) and others. NFTEye said it will use the funding to expand its team and user base, as well as enhance its data infrastructure and provide multi-chain support. NFTEye allows users to identify potential opportunities through popular casting data, trend collections, blue chip indices and other core indicators and signals. Link to original article:https://twitter.com/nfteye_io/status/1542189512956051456 【Game】 5. Mech.com｜Seed round financing of $6 million｜Led by Shima Capital On June 28th, Mech.com, the NFT metaverse game, announced a $6 million seed round led by Shima Capital, with participation from Polygon, Big Brain, Anti Fund, Cryptology, Master Ventures, BreederDAO, MetaVest, Andromeda VC, Pulse Ventures and Gumi Ventures. Andromeda VC, Pulse Ventures and Gumi Ventures, among others. Mech.com is an NFT-based metaverse game that is currently developing their first versions of a match-3 game in which players can earn the in-game currency ore and, subsequently, the tradable cryptocurrency $FORGE token. Link to original article:https://www.digitaljournal.com/pr/shima-capital-leading-6-million-seed-round-for-mech-com 6. Ring Games｜Raised $5 million｜Led by Animoca Brands On June 28th, game developer Ring Games announced a $5 million funding round led by Animoca Brands and Planetarium, with participation from Defiance Capital, Play Ventures, Double Peak, DWeb3 Capital, GuildFi, Avocado DAO and PathDAO, and other venture capital and gaming guilds. Ring Games was founded in 2019 by the former core developers of “King’s Raid” to develop Web3 games. Link to original article:https://www.nftculture.com/nft-news/ring-games-raises-5m-in-funding-led-by-animoca-brands-and-planetarium-for-its-first-p2e-game-stella-fantasy/ 【DeFi 】 7. OpenLeverag｜Binance Labs Strategic Investment On June 21, Binance Labs announced a strategic investment in OpenLeverage.OpenLeverage is a permissionless lending and margin trading protocol for everyone. It integrates with decentralized exchange liquidity to serve the unsatisfied long-tail digital asset market. Link to original article：https://twitter.com/BinanceLabs/status/1539206050296909824 About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada

In the tide of encryption technology, Crypto Review came into being. Initiated by cryptogram venture (CGV)FoF, with the purpose of “providing in-depth value reference for global encryption practitioners”, crypto review is committed to providing meticulous industry insights, the best investment and research practice guidance to encryption professionals and enthusiasts all over the world, And expand the positive impact of encryption consensus on more institutions and the wider population. Crypto Review is not for profit and adopts the recommendation and invitation system. The content covers: 1. Encryption trends. Pay attention to the technology, management, industry and even macro factors that will affect the behavior of the encryption industry; 2. Overview of the track. Share the latest Overview Research and analysis based on a specific vertical field; 3. Project analysis. Comprehensively and deeply interpret the early dark horse project and star project, and systematically interpret their design concept and mode. The following is a selection of crypto review articles (JUN 2022) TRENDS Where did Web3’s revenue go? initial public publication time: June 2, 2022 Original link: https://coinyuppie.com/where-did-web3s-revenue-go/ CR Recommendation Many people compare Web3 to a new generation of value Internet. If we follow this logic, the ability to capture value will be an important indicator of the development of Web3 applications. However, will Web3 applications generate huge revenues like Internet companies? How much revenue is generated by applications in areas other than DeFi? Is there excess revenue? The authors break down in detail the business models that Web3 already has and the ability to generate huge revenues. It is very instructive for finding the next Web3 application with high value capture capabilities. A Brief History of Cryptocurrency Regulation in the US initial public publication time: June 5, 2022 Original link: https://mirror.xyz/0xAAe47a1231D7291EcE8701403789fA4e0285F857/8-nwcy7aBTWN5FXthKRYQgC_O8ISkFZsg_vtaS8deYI CR Recommendation Influenced by the origin of Bitcoin and the development of Internet technology, many crypto projects were born in the United States, and the regulatory strategies and trends of the crypto industry in the United States largely represent the vane of the development of the crypto industry. Currently, the crypto industry has passed the reckless development period, and cryptocurrencies have become a part of the market that cannot be ignored, and the regulation of cryptocurrencies is imminent. However, regulation is a double-edged sword; too much regulation will inhibit technological innovation, while lax regulation will affect the stability of the crypto industry in the country or even around the world. The real test of U.S. and national government wisdom is how to strike a balance between over-regulation and lax regulation. Evaluating Web3 job opportunities like an investor initial public publication time: June 6 , 2022 Original link: https://www.paradigm.xyz/2022/06/evaluating-web3-job-opportunities-like-an-investor CR Recommendation Web3 positions are probably one of the hottest job opportunities out there today. As a candidate, the job search needs to be preceded by reference to maximizing your return, not just financially, but on multiple metrics that will allow you to grow and prepare for greater opportunities down the road. However, to use the Web2 assessment approach again would lag, after all, many of the metrics are written on the chain and are open, transparent and non-tamperable, and data mining will become an important competency for job seekers. FIELDS X to Earn Research：A Web3 Growth Model initial public publication time: May 29, 2022 Original link: https://mirror.xyz/0x0d8c792f881c08420859FCCDA79B3C90d0A6a4cF/nS9GYpbFk3PDuZr7F30ZL-eUtUDQI4HacAH1Xko1AdU CR Recommendation Since 2022, with the big rise of Stepn (GMT), the Move To Earn model has started to break the circle, attracting more and more attention from non-crypto people. At the same time, various X To Earn projects have sprung up one after another, attracting much attention. what is the essence of X To Earn? What is the appropriate X scenario, what is the design idea of the economic model Earn, and what are the main challenges facing the development of X To Earn? What are the main challenges in the development of X To Earn? The author systematically gives an attempt to answer these questions in this paper. Beyond Verticalization of NFT Marketplaces initial public publication time: June 22 , 2022 Original link: https://multicoin.capital/es/2022/06/22/beyond-verticalization-of-nft-marketplaces/?mc_cid=7a5a54c345&mc_eid=fda62e11fc CR Recommendation OpenSea, as the industry’s №1 NFT trading platform, with a monthly fee income of over $120 million and a valuation of $13 billion, is a veritable unicorn in the Web3 field. 2021 OpenSea’s turnover accounted for more than 95% at one time, but this figure fell to less than 50% at the beginning of 2022. the rise of Web3 has gradually enabled NFT to comprehensively In addition, NFT market refinement may be faster, and each trading platform will find new market space in continuous vertical development, just like Internet e-commerce platforms. PROJECTS Building a DAO to Learn in Web3 initial public publication time: June 1 , 2022 Original link: https://mirror.xyz/rahuliyer.eth/0PaMd7kH-65pMzxgeiIQhn0blbIWwRWu3EbV-OZO1fA CR Recommendation DAO is the new paradigm of Web3’s organizational structure. In terms of the narrative logic of Web3, it is a disruptive paradigm revolution in social structure, a revolution that will reshape the social governance structure and the underlying business model. Understanding DAO, getting familiar with DAO, developing DAO with DAO tools, and then using DAO to solve the problems encountered in project development, such a path may be appropriate for everyone in the Web3 world. It’s never too late to try to think and do it this way. How Bored Apes became the foundation for a metaverse initial public publication time: June 22 , 2022 Original link: https://www.theblock.co/post/153349/how-bored-apes-became-the-foundation-for-a-metaverse CR Recommendation Bored Ape Yacht Club (BAYC), has become the most expensive and influential collection of NFT collectibles. As a new project born only 1 year ago, Bored Ape has won the battle of kings with CryptoPunks, the representative of antique NFT, and now, spanning art, fashion, entertainment and food and beverage, Bored Ape has gained great commercial success, jumping out of the JPEG avatar on social media to become an IP meta-universe ecology, growing from the original niche circle to a phenomenal NFT trendy brand and is still making inroads into popular culture. How did Bored Ape do all this? The Report Download link:https://www.cgv.fund/file-share/12a5f205-7257-41af-ae41-059498f7a555 About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada.

Authors: Vargason and Edwin, researchers of CGV FOF Introduction From rock paintings 30,000 years ago to NFTs in the Web3 era, humans always have been fond of works with visually striking. After the rapid development of the NFT market in 2021, the current market is gradually rational, with high-quality NFT projects constantly improving and the NFT ecosystem becoming an equal participant in finance, arts, games, and many other leading creative industries. Cryptogram Venture （CGV） deems that there is great potential for NFT works and markets in Japan. Japanese animation acts as a bridge that connects global culture. As Japan has numerous high-quality artists, animation game IPs, and a mature user market, and the application of NFT opens a new window for the development and innovation of digital IP, it will have greater discourse power in NFT. The popular Azuki NFT indicates that the market favors the mixed works integrating Eastern and Western cultures. Takashi Murakami has changed his creative strategy to make NFTs; Japan NFT Cultural Association released unique NFTs based on Yayoi Kusama’s “HANDBAG”; Rakuten, Japan’s largest e-commerce platform, launched an NFT trading and issuance platform. All of these demonstrate that the NFT market in Japan is booming. CGV will talk about them to help you know more about these projects. Azuki: The NFT favored by web3 natives Azuki is the representative NFT of Japanese 2D animation. By integrating Eastern and Western cultures, Azuki is deeply loved by web3 users due to its exquisite painting style and unique artistic style. Azuki has four models, namely human, blue, red, and spirit, which are different in hairstyle, eyes, mouth and neck, clothing accessories, background, etc. Each of its NFTs is unique. Azuki is building a strong IP for everyone. Azuki’s vision is to create the largest community-owned decentralized brand in the metaverse. Those who hold Azuki NFTs have a pass and become a member of the Azuki community. The Azuki community connects the physical and digital worlds through offline events, streetwear brand collaborations, expansion of physical collectibles, and collaborations with music artists. It intends to partner with platforms such as Sandbox VR, Decentraland, Cryptovoxels, Somnium Space to create an immersive metaverse, where Azuki will develop IP and create metaverse games and interactive experiences in a unique way. source:NFTGo.io The worldwide influence of Japanese animation made Azuki successful right after its launch, and this huge cultural power shaped Azuki’s liquidity and ultra-high floor price. When Azuki NFT went on sale in January, it was auctioned for just 1 ETH. Although the market is sluggish, its floor price is still higher than 10 ETH, and according to NFTGo.io data, the Azuki series of NFTs are also at the forefront in terms of total transaction volume. Takashi Murakami: Express Japan’s otaku culture through NFTs In Japan, Takashi Murakami is not only a widely loved artist but also an idol for the new generation of young people. In Murakami’s view, Japan’s culture before the 1990s was nothing more than a parody of Western trends. Instead, the weird phenomena manifested in otaku culture were something unique. Takashi Murakami’s works are based on contemporary Japanese pop culture. He became popular with his “ Manifesto for the Childlike”, which implanted flat characters, plants, and flowers into a trendy cultural context centered on Japan. The colorful images of cartoons allude to the connotation of contemporary Japanese culture. At the end of March 2021, Takashi Murakami released the NFT “MURAKAMI.FLOWERS”, with 108 copies. But, 10 days later, he decided not to sell it, because he thought that he didn’t truly understand NFTs. When trying something new, the biggest fear is not to do it after the first failure. In 2022, Takashi Murakami restarted his NFT project and opened an INSTAGRAM account for MURAKAMI.FLOWERS2022. Takashi Murakami hopes to launch a Himawari version of the classic black and white pixel game similar to “Tamagotchi” at the end of the year to fully explore the value of this cute image. At the beginning of 2022, the CLONE X released by Takashi Murakami and RTFKT Studios had been on the top of the sales list since its launch. According to Opensea, its current floor is 12.25 ETH. Murakami takashi’s exploration of NFT is also a multidimensional display of his works. As he said when restarting “MURAKAMI.FLOWERS” project, “It wasn’t until working with RTFKT that I learned lots about the metaverse from young people and was surprised at the results and response to this collaboration.” Mechaverse War: An Integration of Games and NFTs CGV holds that gaming has become an extension of the real world. As an absolute power in gaming, Japan makes an attempt to encourage players to participate in future gaming combining NFTs and blockchain-based metaverse. Mechaverse War (メカバースウォー), a Japanese metaverse mech game, is dedicated to creating a metaverse mecha game platform featured with real-time strategies. As a symbol of Japan, the samurai spirit is deeply ingrained in Japanese culture. Mechaverse War is inspired by the cultural background of modern Japanese anime mecha and ancient samurai armor. Based on the playable game environment, Mechaverse War intends to develop scenarios derived from NFTs, undertake the digital promotion and expansion of Japanese high-quality animation IP, and use GameFi’s value connection to build an open metaverse platform for Japanese-style animations. How can players get involved? Players can use the mecha heroes incubated by NFTs to form combat teams, trade characters, and upgrade their combat levels, thus creating more game experience such as fighting mecha monsters. The NFTs in the game will facilitate the incubation, generation and evolution of each mecha hero to ensure the uniqueness, growth, tradability and value-added attributes of the mecha. According to the Newzoo, driven by nearly 3 billion players worldwide, the global game market earned US$175.8 billion from consumers in 2021, with the majority coming from Japanese teams. Mechaverse War is providing players with a Japanese-style immersive GameFi experience and an interactive experience of NFT collections based on the powerful Japanese animation and game industry resources, IP resources, and the new direction of the encrypted metaverse world. Rakuten NFT: Rakuten’s path to NFTs Rakuten, Japan’s largest e-commerce platform, is a pioneer in Japan’s web3 era. It established a blockchain laboratory in August 2016 and provided encrypted wallet-related services in August 2019. After years of technology accumulation, on February 25 this year, Rakuten decided to launch Rakuten NFT, an NFT trading and issuance platform. Although the platform is only open to people in Japan, it brings new changes to the current NFT market centered on crypto asset investors and the tech community. Rakuten NFT will not only provide users with peer-to-peer NFT transactions in areas such as sports and entertainment (including music and animation) but will also provide a platform for IP copyright owners to sell NFTs. Users can use their Rakuten ID to earn or spend Rakuten Points during transactions. Any NFT purchased on the platform can be added to the buyer’s favorite on their own webpage, and can be sold on the marketplace. According to CGV, Rakuten has a host of sports-related partners and operates a number of entertainment-based products, which are of great help to the development of Rakuten NFT. Rakuten NFT plans to release J.League NFT Collection Players Anthem and develop Rakuten NFT Art Gallery. CGV argues that traditional giants like Rakuten with advantages such as a large user base and profound resources will easily attract market attention if they enter the NFT field based on its genes and expertise. Summary The development of NFTs accelerates the direct economic connection between creators and fans, which confirms Kevin Kelly’s prediction in “1000 True Fans”. In Japan, a country with a large number of renowned IPs, NFTs will activate creators and works that are well-known and dormant, providing a playground for creating new types of media that bridge the gap between the physical and digital worlds. CGV uses Yayoi Kusama’s art declaration to summarize the future development of NFTs in Japan, “I am always avant-garde. I am different from other old people. I have been an avant-garde artist since decades ago, and I am still an avant-garde artist.” As a part of web3 era, NFT is embracing Japan. Note:This article is a CGV FoF research paper and is for reference only. It does not constitute any investment proposal. About CGV FOF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada. Website: https://www.cgv.fund/ Twitter: https://twitter.com/CGVFOF Medium: https://medium.com/@CGVFoF Reference: https://www.azuki.com/ https://www.metamechawar.cc/ https://opensea.io/collection/clonex

The Luna and UST de-anchoring events have not only put the Terra ecosystem in crisis, but have also had a very negative impact on the crypto world as a whole. From this week’s statistics (19 projects in total), it appears that the number of web3 infrastructure (12) pitches is starting to rise, while NFT (3), GameFi (2) and DeFi (2) projects are starting to lose their pitch heat. CGV, in association with CTC, has put together a roundup of the week’s noteworthy pitches in the global crypto market for the period 9 May — 15 May 2022, as follows. 【Infrastructure】 1. KuCoin | Raising $150 million｜Led by Jump Crypto On May 10, crypto trading platform KuCoin closed a $150 million funding round at a $10 billion valuation, led by Jump Crypto with participation from Circle Ventures, IDG Capital and Matrix Partners, among others. The funding will be used to expand its product line, such as its crypto wallet, DeFi and NFT platforms. Link to original article:https://www.coindesk.com/business/2022/05/10/kucoin-raises-150m-round-led-by-jump-crypto-at-10b-valuation/ 2. Casa | Raising $21 million｜Led by Acrew Capital On May 10th, crypto wallet provider Casa announced a $21 million funding round led by Acrew Capital with participation from Positive Sum Ventures, Naval Ravikant and others, which the Casa team will use to add financial identity capabilities to its signature wallet product. Link to original article:https://www.coindesk.com/business/2022/05/10/bitcoin-self-custody-company-casa-raises-21m-series-a/ 3. Jambo | Series A funding of $30 million｜Led by Paradigm On May 10th, Jambo closed a $30 million Series A round of funding led by Paradigm with participation from Pantera Capital, Delphi Ventures, Kingsway Capital and Gemini Frontier Fund.Jambo aims to bring Web3 to Africa and create a digital economy hub in the region. Link to original article:https://www.forbes.com/sites/ninabambysheva/2022/05/10/african-crypto-startup-raises-30-million-to-build-a-web3-wechat-for-the-continent/?sh=422fd2224540 4. Paper | Raising $7.3 million｜Led by Electric Capital On May 11, crypto payment processing company Paper closed a $7.3 million round of funding co-led by Electric Capital and Initialized Capital, with participation from Polygon, FalconX, Long Journey Ventures, ThirdWeb, Night Capital and founders of Plaid, Twitch, Fractal, MagicEden, Eventbrite, Tagomi and Bison Trails. Paper allows users to create wallets with their email addresses and use credit cards (or crypto wallets) to purchase NFTs on the Polygon, Ethereum, Solana and Avalanche blockchains, providing a ‘hassle-free’ bridge to market for non-crypto consumers. Link to original article:https://ph.news.yahoo.com/polygon-among-9-3m-investment-140001837.html?guccounter=1&guce_referrer=aHR0cHM6Ly9jbi5iaW5nLmNvbS8&guce_referrer_sig=AQAAAC7nfKIs-NjNBajGk-xfiMdPQ7TLGw1JlebOuN8XU-WTLVcfKk74gXMOFQLvIqpVBcoMG_gMocD1gQjJZKNTJlupIILcKJDrN7LDVBda_tS 5. Chainalysis | Series F financing of $170 million｜Led by GIC On 11 May, blockchain analytics company Chainalysis closed a $170 million Series F round of funding at a valuation of $8.6 billion, led by GIC and Singapore’s sovereign wealth fund, with participation from Dragoneer, Durable Capital Partners, 9Yards Capital, Altimeter Capital Management, Blackstone, Sequoia Heritage and SVB Capital. Link to original article:https://www.theinformation.com/articles/chainalysis-valued-at-8-6-billion-in-gic-led-investment 6. Moralis | Series A funding of $40 million｜Coinbase Ventures and others participate On May 11, Web3 development platform Moralis closed a $40 million Series A round of funding with participation from EQT Ventures, Fabric Ventures, Coinbase Ventures and Dispersion Capital. Moralis provides developers with the infrastructure to build and publish cross-chain applications, games and NFTs, and the round will be used for product development, improving the user experience and scaling to increase its customer capacity and support a larger customer base. Link to original article:https://www.theblockcrypto.com/linked/146260/web3-development-platform-moralis-reels-in-40-million-in-series-a?utm_source=twitter&utm_medium=social 7. MARA | Raising $23 million｜Led by Coinbase Ventures On 11 May, African crypto trading platform MARA closed a $23 million funding round led by Coinbase Ventures, Alameda Research, Distributed Global, Day One Ventures, TQ Ventures and others. MARA will launch its Layer 1 public chain, powered by its native MARA Token, and will launch its beta network in Q4. Link to original article:https://www.coindesk.com/business/2022/05/11/mara-raises-23m-from-coinbase-alameda-to-spread-crypto-adoption-across-africa/ 8. BVNK | Series A funding of $40 million｜Led by Tiger Global On 12 May, crypto startup BVNK announced the completion of a $40 million Series A round of funding at a post-investment valuation of $340 million, led by Tiger Global, with participation from The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric and Base Capital. and other investors. BVNK provides banking and payment services for crypto-native businesses. BVNK’s customers can accept payments in both conventional and cryptocurrencies, and the service now supports hundreds of different currencies and crypto assets. Link to original article:https://techcrunch.com/2022/05/11/bvnk-grabs-40-million-for-its-crypto-banking-services/ 9. Token.io | Raising $40 million｜Led by Cota Capital On 12 May, UK startup Token.io closed a $40 million funding round led by Cota Capital and TempoCap, with participation from Element Ventures, MissionOG, PostFinance, Octopus Ventures, Opera Tech Ventures, SBI Investments and others. Token.io is dedicated to building alternative payment technologies to improve the way cross-border payments are made, including the use of cryptocurrencies. token.io divested its crypto business called M10 in 2019 and is now focused on helping banks build and run Token for creating their own digital currencies and for other purposes. Link to original article:https://techcrunch.com/2022/05/12/token-io-raises-40m-to-expand-open-banking-based-account-to-account-payments-in-europe/ 10. Oasis Pro | Series A financing of $27 million｜Gate Ventures and others participated On May 12, Oasis Pro Inc. closed a Series A round of funding of over $27 million with participation from UDHC, Blizzard the Avalanche Fund, Inveniam, Redwood Trust (NYSE:RWT), TrustLabs, Mirae Asset Venture Investment, Gate Ventures, LedgerPrime, StableNode and others. The funding round will be used to drive continued growth by building a senior management team, expanding global business development, expanding into new revenue streams, expanding the technology platform globally, and adding complementary blockchain technologies. Link to original article:https://www.businesswire.com/news/home/20220512005258/en 11. Solidus Labs | Series B funding of $45 million｜Led by Liberty City Ventures On May 12, Solidus Labs, a crypto market monitoring company, closed a $45 million Series B round of funding led by Liberty City Ventures, with participation from Evolution Equity Partners, Declaration Partners, former OCC Brian Brooks and former CFTC Chairman Christopher Giancarlo. The company was led by Liberty City Ventures, with participation from Evolution Equity Partners, Declaration Partners, former OCC Brian Brooks and former CFTC Chairman Christopher Giancarlo. Solidus Labs provides a suite of tools for parsing blockchain data against more than 50 different types of security threats, such as cleansing transactions, spoofing transactions, and pull-up and sell-down schemes. Link to original article:https://www.forbes.com/sites/ninabambysheva/2022/05/12/former-top-regulators-chris-giancarlo-brian-brooks-invest-in-crypto-risk-monitoring-startup-solidus-labs/?utm_source=TWITTER&utm_medium=social&utm_content=6962435275&utm_campaign=sprinklrForbesCrypto&sh=62a581c86945 12. Belo | Seed round funding of $3 million｜CRV and other participated On 12 May, Argentine cryptocurrency startup Belo closed a $3 million seed funding round with participation from CRV, The Venture city, Newtopia and Latitude. Belo began offering a digital wallet service in Argentina in September 2021, allowing users to buy and sell Bitcoin, Ether, DAI and USDT using Argentine pesos through the Belo wallet. Link to original article:https://www.coindesk.com/business/2022/05/12/startup-cripto-belo-levanta-3-millones-en-ronda-seed-para-expandirse-a-brasil-y-mexico/ 【DeFi】 13. Chainflip Labs | Raising $10 million｜Pantera Capital and others participated On May 11, Chainflip Labs announced a $10 million round of funding from Framework Ventures, Blockchain Capital and Pantera Capital, which will be used to build a cross-chain DEX, with the team planning to launch the first version of the DEX product later this year. Link to original article:https://www.theblockcrypto.com/post/146223/chainflip-labs-secures-10-million-for-cross-chain-dex 14. Satori | Raising $10 million｜Led by Polychain On May 13, Satori closed a $10 million round of funding led by Polychain, Blockchange, with participation from Jump Crypto, Coinbase Ventures, Portal, Acala, Astar, Parallel, Clover and Boca founder Gavin Wood. and others. Satori, a derivatives marketplace that combines AMM with an order book model and allows institutional users to respond to extreme market events with Satori’s ready-to-use API and fast execution of trades, will go live in the coming weeks, bringing decentralised derivatives to Polkadot. Link to original article:https://medium.com/satorifinance/satori-raises-10m-led-by-polychain-and-blockchange-bringing-decentralized-derivatives-to-2f29abf620ab 【GameFi】 15. Nyan Heroes | Raising $7.5 million｜Led by Kosmos Ventures On May 10, Nyan Heroes, a P2E game based on Solana, closed a $7.5 million strategic funding round at a $100 million valuation, led by Kosmos Ventures, Sino Global Capital, Shima Capital and Petrock Capital, with funding from Morningstar Ventures, 32-bit Ventures, Crypto.com, Tess Ventures, Master Ventures, Wave7, Ancient8, Drops Ventures, PANONY, Andromeda Capital, Salad Ventures Moonchain Capital and Snackclub, among others. Nyan Heroes is a third-person shooter similar to Fortnite and is expected to go live in Alpha by the end of 2022. Link to original article:https://nyanheroes.medium.com/nyan-heroes-closes-a-7-5m-strategic-round-to-rapidly-expand-team-and-scale-game-development-b20e23ec46a7 16. Branch | Raised $12.5 million｜Three Arrows Capital and other participated On May 11, gaming startup Branch closed a $12.5 million seed funding round with participation from Mechanism Play, TCG Crypto, Dragonfly Capital, Polychain, Coinbase Ventures, Three Arrows Capital, and angel investors including Polygon Studios CEO Ryan Wyatt. Link to original article:https://www.coindesk.com/business/2022/05/11/animal-crossing-meets-minecraft-branch-raises-125m-for-play-to-earn-project/ 【NFT】 17. Freeverse | Raising $10.5 million｜Earlybird Venture Capital and others participated On May 10, Freeverse, the NFT infrastructure company, announced the closing of a $10.5 million round of funding from Earlybird Venture Capital, Target Global, Adara Ventures, 4Founders Capital, OneFootball, and angel investors including football star Mario Götze, Travelperk CEO Avi Meir, OneFootball CEO Lucas von Cranach, and Taulia and Centrifuge co-founder Maex Ament. The funding will be used for marketing, as well as for product and core technology development. Link to original article:https://venturebeat.com/2022/05/09/freeverse-io-raises-10-5m-for-nft-assets-that-can-change-over-time/ 18. Co:Create | Seed round funding of $25 million｜Led by a16z On May 10th, NFT infrastructure startup Co:Create announced a $25 million seed round led by a16z, with participation from Autograph, Not Boring Capital, Amy Wu of FTX Ventures, VaynerFund, and the NFT fragmentation platform Fractional.art and The RTFKT team at NFT Studios, among others. The Co:Create protocol will provide a smart contract platform that projects can use to cast NFT and control the royalties paid on their native Token. Link to original article:https://www.theblockcrypto.com/post/146041/nft-infra-cocreate-crypto-raises-seed-funding-a16z 19. SOLARR | Seed round funding of $2 million｜MD2 Digital and others participated On May 13, SOLARR, the NFT liquidity platform, announced the closing of a $2 million seed round of funding with participation from All In Ventures Fund, JY Cap, MD2 Digital and others. SOLARR seeks to address the current illiquid, volatile and less capital efficient NFT market by injecting utility into NFT and unlocking its liquidity by building a secure, versatile and multi-chain one-stop platform that will enable widespread adoption beyond the crypto space. Link to original article:https://www.coinspeaker.com/solarr-raises-2m-accelerate-nft-utility-accessibility/ About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada Website: https://www.cgv.fund/ Twitter: https://twitter.com/CGVFOF Medium:https://medium.com/@CGVFoF

In the tide of encryption technology, Crypto Review came into being. Initiated by cryptogram venture (CGV)FoF, with the purpose of “providing in-depth value reference for global encryption practitioners”, crypto review is committed to providing meticulous industry insights, the best investment and research practice guidance to encryption professionals and enthusiasts all over the world, And expand the positive impact of encryption consensus on more institutions and the wider population. Crypto Review is not for profit and adopts the recommendation and invitation system. The content covers: 1. Encryption trends. Pay attention to the technology, management, industry and even macro factors that will affect the behavior of the encryption industry; 2. Overview of the track. Share the latest Overview Research and analysis based on a specific vertical field; 3. Project analysis. Comprehensively and deeply interpret the early dark horse project and star project, and systematically interpret their design concept and mode. The following is a selection of crypto review articles (April 2022) TRENDS The Dawn of Consumer Crypto initial public publication time: August 20, 2021 Original link: https://tcg.mirror.xyz/vcvbWUqc2h-eAkHzXUrWA6m-nCdr9yLIQP0vz_bDibE Jarrod Dicker Partner of TCG Crypto Jacob Smilovitz Principal at TCG CR Recommendation Web3 promises to provide a new gateway for billions of users to make their lives more online through self-sovereignty, portability and ownership. The realization of such a vision is now closer and closer to us. Whether it’s culture, status and community, 24/7 marketplaces for everything, and new business models, the new form of online living that web3 brings has slowly seeped into the daily lives of more people. As the authors say, “ The dawn of consumer crypto is here. We now need to shine a light on it.” Decentralized Speed: Advances in Zero Knowledge Proofs initial public publication time: April 15, 2022 Original link: https://a16z.com/2022/04/15/zero-knowledge-proofs-hardware-decentralization-innovation/ Elena Burger Analyst, Crypto Investment Team of A16Z CR Recommendation Zero-knowledge cryptography has been one of the most significant innovations in computer science over the past 50 years. Zero-knowledge proofs (ZKP) offer unique properties that make them an important part of various blockchain scaling and privacy solutions. Today, we are currently in the early stages of a series of advances in zero-knowledge proof solutions — but just in the last decade, the improvements in speed, efficiency, user-friendliness, and decentralization have been astounding. We have evolved from a very small number of consumer-facing applications in the zero-knowledge space to an entire ecosystem of applications and blockchains providing privacy and scalability in a very short period of time. It is important to be reminded that as we go through the web3 revolution, don’t forget our original intent: to create a new world of accessibility, no trust, and decentralization. The Modular World initial public publication time: April 14, 2022 Original link: https://maven11.substack.com/p/the-modular-world?s=r Maven11 Research CR Recommendation The concept of modularity has been mentioned by many KOLs and L2 teams in the past year. To better understand how each of the different “modular” architectures work, the article is illustrated with hand drawings that very vividly describe their differences. Finally, it shows us a picture of the future of building modular stacks on top of Celestia, which is worth watching. FIELDS BLOG: Financial Infrastructures for Crypto Games initial public publication time: March 28, 2022 Original link: https://kydo.substack.com/p/blog-financial-infrastructures-for?s=w kydo incentive researcher, being advised by Dan Boneh at Stanford School of Medicine, researching on decentralized scientific funding with crypto. Aiko Game designer & individual researcher, Tokenomics & virtual economy, Part-time gaming intern of FoliusVentures CR Recommendation As the authors argue, the success of all economies is dependent on a balanced and sustainable monetary system. While the GameFi project, represented by Axie, has been an effective practice for exploring the balance between the game economy in terms of its monetary supply and demand, the extreme volatility of the in-game currency still poses a great challenge for all stakeholders. This paper suggests that embedding some tried and tested financial infrastructures into a gamer-friendly version seems to be a very good idea, And listed the specific path of “BLOG”, namely: Buybacks, Locking , Omnipool and Governance, which is very informative. Multicoin Capital: In Search of Outliers initial public publication time: April 3, 2022 Original link: https://kydo.substack.com/p/blog-financial-infrastructures-for?s=w Mario Gabriele Founder of The Generalist CR Recommendation True greatness requires stamina and persistence. For any VC, in order to demonstrate skills as an investor, it is not enough to succeed once, but must be proven through countless success stories across cycles and market conditions. How to find the next Solana, Helium and The Graph?Multicoin is working hard to find new pockets of value. Combinability, data DAO, and physical proof of work may be the answer to their thinking. PROJECTS Three counterintuitive lessons from a crypto investoooor initial public publication time: April 22, 2022 Original link: https://showerthoughts.substack.com/p/three-counterintuitive-lessons-from?s=r Richard Chen General Partner at 1confirmation CR Recommendation Crypto VC investing is a discipline that is always changing, as the entire crypto industry is changing rapidly. Is portfolio construction more important than picking the right underlying? Is it hard to pick winners in a crowded space of popular narratives? The authors cite several counter-intuitive lessons that deserve attention; after all, much of the crypto industry’s past can be a stumbling block to future growth. 11 Tips to Avoid Crypto Startup Legal Pitfalls initial public publication time: March 22, 2022 Original link: https://medium.com/dragonfly-research/11-tips-to-avoid-crypto-startup-legal-pitfalls-cc7418d8f3e4 Lindsay X. Lin Counsel & Partner @ Dragonfly Capital CR Recommendation Legal issues are the “sword of Damocles” over the heads of many crypto startups. Class action lawsuits, enforcement actions, criminal investigations, consumer harm and unexpected taxes are legal headaches that can come up at any time. The purpose of this article is to provide startup founders with some operational tips that come from years of experience up close and personal. How do cryptocurrency startups build legitimacy so they prepare themselves for the long haul? What are some common pitfalls? What kind of infrastructure should they build? 11 important tips, 11 pitfall avoidance guides. Tips to Founders Raising Capital initial public publication time: March 21, 2022 Original link: https://twitter.com/shaughnessy119/status/1505652479559716871?s=21 Tommy Shaughnessy Co-Founder of Delphi Digital CR Recommendation As a veteran of the crypto investment and research industry, Delphi has invested in over 100 projects, seen thousands of projects, and has a lot of experience drilling down into projects. In this article, Delphi Digital co-founder Tom Shaughnessy tweets some advice to project founders on raising capital, each of which is probably a mine trodden by dozens of hundreds of projects in the past. Although the text and format are slightly fragmented, it is full of dry information. For more information, please refer to Crypto Review (April 2022). Just click:https://drive.google.com/file/d/1sCwUbFOA7jhdYSCLNoZk1RyLxY1yoUsc/view

We are experiencing an explosion in Web3 investment funding, with public data showing that 51% of the investment funding received by blockchain companies worldwide in 2022 will come from the US, 18% from China, 5% from Switzerland and 4% from the UK. The blockchain market is expected to grow from $7.18 billion to $67.4 billion by 2026, at a compound annual growth rate of 68.4%.From this week’s statistics (17 projects in total), the number of GameFi (6) pitches started to rise, web3 infrastructure (6) remained the focus of pitches, and the number of NFT (4) and DeFi (1) projects slowed down. CGV and CTC have put together a roundup of the week’s noteworthy pitches in the global crypto market. The following is a summary of the global crypto market’s noteworthy investment and funding information from 23 May to 29 May. 【Infrastructure】 1. Afriex｜Series A funding of $10 million｜Led by Dragonfly Capital On May 24, Afriex, an African blockchain fintech company, announced the completion of a $10 million Series A round of funding led by Sequoia Capital China and Dragonfly Capital, with participation from Goldentree, Stellar Foundation and Exceptional Capital. Afriex is valued at US$60 million. Afriex, which helps users convert funds to Stablecoin and provide money transfer services primarily on the African continent, raised a seed round of $1.3 million in May 2021. Link to original article:https://www.thenicheng.com/afriex-raises-10m-to-boost-blockchain-money-transfer/ 2. Common｜Raising $20 million｜Polygon and others participated On 24 May, DAO management platform Common closed a $20 million round of funding with participation from Spark Capital, Polychain, Jump, Wintermute and BitDAO. The new funding will be used to drive the further development and decentralisation of its community management platform, Commonwealth, and to launch its own Token CMN. in addition, Common plans to later launch an app shop for DAO, allowing each community to choose its own features. Link to original article:https://decrypt.co/100437/common-raises-20m-to-build-dao-management-platform-launch-token 3. MetaEstate｜Strategic round of equity financing｜Led by Matrixport and SevenX Ventures On May 25, MetaEstate, a metaverse provider, closed its latest multi-million dollar strategic round led by Matrixport and SevenX Ventures, followed by Everest Ventures Group, Y+ Ventures and other institutions, and the previous round’s investor, Japanese fund Cryptogram Venture ( CGV) continues to follow. In addition, several crypto-investor partners participated in their individual capacities. MetaEstate is a metaverse service provider that aims to help more users make a low barrier entry into the metaverse world and to quickly establish a sense of presence and belonging in the metaverse. Link to original article:https://www.newsbtc.com/press-releases/metaestate-has-closed-a-multi-million-dollar-strategic-round-of-funding-led-by-matrixport-and-sevenx-ventures/ 4. StarkWare｜Series D funding of $100 million｜Led by Greenoaks Capital On May 25, StarkWare, the Ethernet Layer 2 development company, announced the completion of a $100 million Series D funding round led by Greenoaks Capital and Coatue, with participation from other existing and new investors including Tiger Global, for $8 billion. The new funds will be used to advance its product, engineering and business development, to grow its ecosystem around StarkEx and StarkNet, and to expand its team. Link to original article:https://www.theblockcrypto.com/post/148672/starkware-raises-series-d-funding-8-billion-valuation 5. ZenLedger｜Series B funding of $15 million｜Led by ParaFi Capital On May 25, ZenLedger, a cryptocurrency tax services company, announced the closing of a $15 million Series B funding round led by ParaFi Capital, with participation from Bloccelerate VC, King River Capital, G1 Ventures, Main Street Investment, Three Point Capital, Shorooq Partners, VaynerFund, Blizzard Fund and AngelList Quant Fund. Three Point Capital, Shorooq Partners, VaynerFund, Blizzard Fund and AngelList Quant Fund. ZenLedger helps Token holders deal with the ambiguity of crypto taxes by collecting transaction data from wallets, trading platforms and NFTs. Link to original article:https://www.coindesk.com/business/2022/05/25/zenledger-raises-15m-to-expand-crypto-tax-products/ 6. Transpose｜Raising $3 million｜Led by MaC Venture Capital On May 27th, Transpose, a blockchain API platform, announced a $3 million funding round led by MaC Venture Capital with participation from HOF Capital, Soma Ventures and Pareto Ventures. Transpose provides a wide range of data for development, including underlying blockchain data, asset layer data and account data. Link to original article:https://www.alleywatch.com/2022/05/transpose-data-api-readable-platform-blockchain-web3-michael-calvey/ 【DeFi】 7. Spritz Finance｜Pre-seed round raises $2.5 million｜Ledger Prime and others participated On May 25, Spritz Finance announced the closing of a $2.5 million pre-seeded round of funding with participation from Ledger Prime, OrangeDAO, Shima Ventures, DCG Genesis, Awesome People Ventures and others. The funding will be used to expand the team and further develop the product. Spritz Finance has completed its crypto payments integration and supports cross-chain payments, allowing users to complete payment transactions for bills and other services directly through the DeFi protocol without the need for a bank. Link to original article:https://ourbitcoinnews.com/spritz-finance-raises-2-5-million-in-pre-seed-funding/ 【GameFi】 8. MetaKing Studios｜Seed round funding of $15 million｜Led by Bitkraft Ventures On May 25th, MetaKing Studios closed a $15 million seed funding round led by Makers Fund and Bitkraft Ventures, with participation from Delphi Digital, Animoca Brands, Shima Capital, WW Ventures, Spartan Group, Huobi Ventures and others. MetaKing Studios will use the funding to accelerate the development of its medieval strategy MMO, Blocklords, which is expected to launch in early stages this year. Link to original article:https://venturebeat.com/2022/05/25/metaking-studios-raises-15m-for-blockchain-mmo-blocklords/ 9. Cinder Studios｜Led by Animoca Brands On May 25, Cinder Studios announced the completion of a Series A round of funding led by Animoca Brands for an undisclosed amount, which will be used to accelerate product development, including developing P2E games, casting new avatars and launching their own exclusive Token. Link to original article:https://wildfire.news/2022/05/24/cinder-studios-receives-investment-from-animoca-brands/ 10. Joyride｜KuCoin Ventures and others participated On May 25, Web3 game development platform Joyride closed a new round of funding from KuCoin Ventures for an undisclosed amount, which will be used to grow Joyride’s team, further develop the platform, and launch its first game. Link to original article:https://www.businesswire.com/news/home/20220525005095/en/KuCoin-Ventures-Invests-in-Joyride-Games-Inc.-a-Web3-Publishing-Platform-for-Game-Creators-Which-Will-Be-Supported-By-KuCoin%E2%80%99s-100-Million-Creators-Fund 11. Machinations.io｜Series A funding of $3.3 million｜Led by Hiro Capital On May 25th, Machinations.io, a Web3 game development platform, announced the closing of a $3.3 million Series A round of funding led by Hiro Capital. Machinations.io is dedicated to solving the difficulties of designing game economy systems, and the funds will be used for staff recruitment and feature development. Link to original article:https://www.benzinga.com/pressreleases/22/05/b27392682/machinations-io-raises-3-3m-in-series-a-round-led-by-hiro-capital 12. Cantina Royale｜Raising $4.5 million｜Led by Elrond On May 27th, Cantina Royale, a P2E shooter, announced a $4.5 million funding round led by Elrond and Mechanism Capital, with participation from Crypto.com, Morningstar Ventures, Animoca Brands, Skynet EGLD Capital, GBV Capital, Good Games Guild, Chingari and others. Link to original article:https://cryptobriefing.com/elrond-based-cantina-royale-to-launch-free-to-play-play-to-earn-game-on-ios-and-android/ 13. Monoverse｜Raised $3.1 million｜KOREIT Participation On May 28th, Monoverse, a P2E game development company, announced that it had closed a $3.1 million funding round with participation from Korea Real Estate Investment and Trust (KOREIT), a Korean real estate fund. Link to original article:https://igaming.org/crypto/p2e-game-developer-monoverse-raises-over-3m-from-korea-real-estate-investment-and-trust/ 【NFT】 14. HALO｜Led by Kucoin Labs On May 25th, HALO, a 3D virtual image NFT project, announced the completion of a multi-million dollar seed funding round led by Kucoin Labs, with participation from GeekCartel and others, with undisclosed funding information. Link to original article:https://twitter.com/HALONFTOFFICIAL/status/1529372437262938112 15. ArtistFirst｜Seed round funding of $5.5 million｜Led by Multicoin Capital On 25 May, music NFT startup ArtistFirst announced the closing of a $5.5 million seed round led by Multicoin Capital with participation from Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, Polygon Studios, Gokul Rajaram, Prashant Malik and Miten Sampat, among others. The funding round will be used to expand its technical team and industry partnerships and to recruit artists. ArtistFirst is the operator and developer of FanTiger, an NFT music platform that helps artists create and sell music NFTs. Link to original article:https://www.freepressjournal.in/business/nft-music-platform-fantiger-raises-55-mn-in-seed-funding-to-empower-independent-artists 16. Primitives｜Seed round funding of $4 million｜Led by Redpoint On May 25th, Primitives, Solana’s on-chain NFT app, announced a $4 million seed round led by Redpoint with participation from Union Square Ventures, Harlem Capital, Stellation Capital and others. Primitives is an application that helps users create and share NFTs for free. Link to original article:https://martechseries.com/technology/primitives-raises-4-million-to-redefine-nfts-through-new-social-network/ 17. Jupiter Exchange｜Seed round funding of $5 million｜Led by White Hilt Capital On 27 May, asset trading platform Jupiter Exchange announced the completion of a $5 million seed funding round led by White Hilt Capital, which has created a simple trading process that enables alternative assets such as art, cars, sneakers and other pop culture memorabilia to be minted into “ownership” NFTs, which can be subdivided into individual ownership tokens that can be listed on the Jupiter Exchange for secondary trading once they are sold out. NFTs, which can be subdivided into individual ownership Tokens, can be listed on the Jupiter Exchange for secondary trading once they are sold out on the Jupiter Marketplace. Link to original article:https://cryptodaily.co.uk/2022/05/jupiter-exchange-raises-5-million-in-seed-funding-for-first-publicly-available-alternative-asset-exchange About CGV FoF: Cryptogram Venture FoF (CGV FoF) is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada.

By: Lynn, CGV FoF Research Fellow Foreword: Currently, South Korea is actively exploring virtual asset-related laws and preparing to formulate copyright policies on NFTs, which will lay a solid foundation for developing blockchain Web3.0 in South Korea. Klaytn intends to be a scalable and interoperable public blockchain platform as a trustable metaverse blockchain. CGV Research believes that with the clear trend towards virtual asset compliance in South Korea, Klaytn can leverage its strengths to become the infrastructure of the ecologically prosperous metaverse. 1. Basic introduction to Klaytn 1.1 What is Klaytn Klaytn is an enterprise-class distributed blockchain platform centered on services. Developed by Internet giant Kakao Corp in 2019, Klaytn 1.0 aims to become a blockchain for mass use, building usable blockchain programs for enterprises in various industries. Klaytn is backed by Kakao, a South Korean social networking giant, and has received extensive support from the government and banks in South Korea. In addition, the project deploys the global ecosystem through more than 30 strategic partners such as Binance, LG Electronics, SK Telecom and MakerDao. In 2021, Klaytn integrated with OpeaSea, bringing its NFTs into the largest NFT market. In 2022, Klaytn 2.0 is actively shifting to serve as the infrastructure of the metaverse, with an emphasis on the metaverse, GameFi and the creator economy. Recently, it has stimulated projects on web 3.0 and the meta-universe. For example, the Klaytn Foundation and F10 (a global fintech incubator) selected 5 startups from more than 100 applicants to participate in the inaugural Klaytn Incubation Program. These companies will make innovations in gaming, social and content to become part of the metaverse. 1.2 Klaytn’s strategic partners and cooperative institutions The Klaytn Governance Council, a consortium of multinational corporations and organizations, is responsible for operating a network of consensus nodes and promoting the development of the ecosystem. Currently, the Council has 31 members, such as KaKao, Binance, LG Electronics, Hashkey, with industries covering blockchain, social networking, digital assets, gaming, and entertainment. Klaytn has established partnerships with blockchain platforms in traditional fields, including entertainment, games, social media, and other industries to create industry-wide platform ecological services. It has 42 cooperative institutions such as Wemade tree, Hint Chain, Humanscape, Sportsplex, and Atlas. Since August 2021, Klaytn has signed strategic partnership agreements with five foreign companies: 1) It works with GMO Internet Group, a Japanese tech giant, to explore the Klaytn-based blockchain application scenarios, including the issuance of the stable coin pegged to the Japanese yen; 2) It partners with the Digital Innovation Factory, subordinated to the Sanlam Group in Indonesia, to create blockchain-based applications, including asset management solutions, supply chain traceability, and the use of NFT in gaming and entertainment; 3) It cooperates with East NFT, an Asian NFT trading platform, to strengthen the cryptocurrency economy of the global LGBTQ community and expand its collaboration with major art, music and entertainment sectors worldwide through NFT; 4) It joins forces with Animal Concerts, a US entertainment group, to create NFTs for top celebrities, with the first round of collaboration starting in the first quarter of 2022; 5) It has set up an incubation program with F10, a global fintech incubation center, to nurture blockchain startups in Singapore. 2. Klaytn Ecology DeFi applications are the underlying facilities of the blockchain. Klaytn 1.0 has built a decentralized exchange based on the AMM mechanism and a lending protocol with basic financial functions. Klaytn2.0 focuses on the development of the metaverse ecology, and NFT is the cornerstone of the metaverse. Klaytn is one of only four chains currently available on OpenSea, the world’s largest NFT trading platform. The other three chains are ETH, Polygon and Solona. There are nearly 600 projects listed by OpenSea on Klaytn, but most projects have low transaction volume and small number of holders. Therefore, CGV selects excellent projects for analysis through the three dimensions of transaction volume, number of holders, and activity. 2.1 DeFi infrastructure Klayswap Klayswap is a decentralized exchange for the AMM mechanism on Klaytn. During February 2022, Klayswap had more than 39,000 users (wallets related to DAPP’s smart contracts) and made more than 333,000 transactions regarding DAPP’s smart contracts, generating more than $678 million in revenue. ClaimSwap ClaimSwap is a decentralized exchange on Klaytn, targeting Sushiswap. ClaimSwap allows on-chain exchange of various cryptocurrencies in the Klaytn ecosystem. With a current TVL of 62.39 million, it is the second largest DEX on Klaytn. KlayBank KlayBank is Klaytn’s first Flashloan Lending protocol. Klaybank provides deposit, lending, bond, staking, and flash loan digital asset services. The current asset size of KlayBank is nearly US $ 46 million, mainly including Klay, KUSDT, KETH, KDAI, KWBTC, and other mainstream assets. KlayBank’s token is KBT, which is mainly used in liquidity supply incentives, ecological incentives, governance, etc. 2.2 Metaverse and NFTs Klayland Klayland aims to be a blockchain-based communication platform that supports the free migration and establishment of communities for Klaytn-based NFT projects. Community participants own land or engage in productive activities, and a portion of the profits generated by market transactions is distributed to the holders. Klayland is currently in its early stages and will build 3D virtual spaces in the future. MetaKongz Meta Kongz is a Klaytn-based PFP project that aims to create a MULTI UNIVERSE that combines multiple worldviews through NFTs. The total number of Meta Kongz is 10,000. Its current floor price on OpenSea is 14,200Klay, with the transaction volume reaching 2.61 million Klay. Meta Kongz has its own token MKC (MEKONG Coin), which can be obtained by holding Meta Kongz for mining, and can be used for breeding offspring in demand scenarios. Baby Kongz (a total of 20,000) can be reproduced using two Meta Kongz and consuming a certain amount of MKC. Besides, Meta Kongz has its stories. Similar to MAYC derived from BAYC, Mutant kongz and G.rilla kongz are both variant styles, with a total number of 20,000, and the current floor price is 1590Klay. 2.3 GameFi project KlayCity KlayCity is a game where players can own and upgrade lands in a virtual world. KlayCity is a P2E game developed based on the Klaytn network, which takes place in 2080 and replicates the scene of the earth. Players can use NFTs, LAY tokens and ORB tokens to participate in various activities, including scavenging, exploration and upgrading. It has obtained the support of KAKAO, the Korean version of WeChat. The investment was led by Krust and Animoca Brands, with participation from Naver Z, FriendsGames, A&T Capital, OKX Blockdream Ventures, Genesis Block Ventures, Kyros Ventures, ROK Capital, StableNode, PlayDapp, HG Ventures, Exnetwork Capital founder Eric Zoo, and Kwon Do. StableNode, PlayDapp, HG Ventures, Exnetwork Capital, Kwon Do, etc. MetaToyDrago MetaToyDragonZ is a P2E game based on the pixel, and the NFT characters are toy dragons. At present, 9,999 MTDZs have been issued. In OpenSea, the floor price is 1630Klay, and the transaction volume has reached 1.69 million Klay. It plans to make games and develop metaverse. MTDZ will be the credential to govern the DAO and enter the metaverse. SlimeFarm SlimeFarm is a P2E mini-game with the image of Slime as its theme. At present, the total number of Slimes is 10,000. Its transaction volume on OpenSea is 1.7 million Klay, with a floor price of 157 Klay. Slime can be used to mine Pluton, the game’s basic token, for consumption in future game scenarios. Slime can also be upgraded to more advanced forms through synthesis for faster mining. Two Slime synths can be upgraded up to level 5. SlimeFarm has launched farms, with a total of 1,000 farms. Holders can choose to mine by themselves or rent them out. The current floor price of Slime Land on OpensSea is 3000Klay. 3kingdom 3kingdom is a strategy game based on the Three Kingdoms. It plans to integrate various elements such as skills, items, and skins with NFTs to seek a true balance between NFTs and games. 3kingdom has multiple mode, normal mode, war mode, default mode, and reward mode for users to play for free or hold NFTs for incentives and increases. The game is expected to launch in the fourth quarter of 2022. 3. Summary CGV believes that the long-term logic for the future blockchain construction lies in the metaverse, and Klaytn aims to be builder’s preferred metaverse blockchain, making it in a favorable position in the competition. Under the leadership of Kakao Corp, it may be an innovative way to develop by concentrating superior resources to create a metaverse ecology. Currently, the application protocols on Klaytn are homogeneous, with DEX and Lend having lower TVLs compared to other public chains. Additionally, it has developed NFT cultural content innovations such as MetaKongz to build the Klayland metaverse with Korean characteristics. GameFi is an important part of the metaverse concept, but good games on Klaytn need to be developed. Klaytn’s ecological construction relies more on the form of “centralization”, which is the main reason for its lack of ecological content at present. With the further implementation of regulations on virtual assets in South Korea, more traditional enterprises will enter the metaverse, ecological content will be more prosperous, and the alliance chain may play to greater advantages. Note: This article is a CGV FoF research paper and is for reference only. It does not constitute any investment proposal. About CGV FoF: Cryptogram Venture FoF(CGV FoF) is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada.