A few days ago, the first Tokyo Web3 Summer Hackathon, "TWSH", was launched by Cryptogram Venture (CGV). As of August 25, Tokyo time, nearly 100 projects have completed their registration. As the co-sponsors of this event, THE Ministry of Education, Culture, Sports, Science and Technology (MEXT), Keio University, SONY, SoftBank, Cointelegraph Japan (CTJ), and other institutions will "take root in Japan", innovate and practice Japan's unique "industry-government-university" cooperation mechanism, discover and support the best talents and teams in the Web3 field. Meanwhile, TWSH will "go global" and gather top partners who are facilitators of the global Web3 ecosystem. Currently, TWSH has received strong support from dozens of renowned institutions in the global blockchain industry, including Metis, MetaEstate, Avalanche, Alchemy Pay, Atom Capital, Binance, BAI Capital, Cryptomeria Capital, Consensus Lab, EVG , Gate.io, IOSG Ventures, IPFS infinite Japan, K24 Ventures, Kirin Fund, Matrixport, NGC Ventures, OKX, Tokyo Tower, Tokyo Esports Gate, Rocktree Capital, Samurai Guild Games, SevenX, Waterdrip Capital, Y+ capital, and members of Asia Blockchain Gaming Alliance (ABGA) such as Huobi Ventures, Polygon, Spark Digital Capital, Yield Guild Games (YGG), covering encryption and Web3 investment and research, public chain, trading platform, financial services, Metaverse ecological development, etc. They will bring together all resources for this event to make contributions to the hackathon. TWSH welcomes the participation of traditional Internet developers and blockchain developers who are interested in Web3, developers, engineers, product managers and UI designers with innovative and creative abilities. The details of the "TWSH" have been announced. Winners will have access to receive investment and startup 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. Application for institutional cooperation (event support, project investment, media cooperation, etc.): Yurinatyou@cgv.fund Website for project registration: https://www.web3hackathon.io/ About the "TWSH" "Tokyo Web3 Summer Hackathon (TWSH)" is initiated by Cryptogram Venture (CGV), and supported by experts from institutions such as the Ministry of Education, Culture, Sports, Science and Technology (MEXT), Keio University, Sony, Softbank, Asia Blockchain Gaming Alliance (ABGA), Cointelegraph Japan (CTJ). It 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, to help teams and projects start smoothly and achieve sustainable growth and development. 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, SONY Tokyo Tower, Metaverse REDO, 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 August 5th, Japan's first Web3 Hackathon, the event details of "Tokyo Web3 Summer Hackathon (TWSH)", was officially announced. "Tokyo Web3 Summer Hackathon (TWSH)" is initiated by Cryptogram Venture (CGV) and supported by experts from institutions such as the Ministry of Education, Culture, Sports, Science and Technology (MEXT), Keio University, Sony, Softbank, Asia Blockchain Gaming Alliance (ABGA), Cointelegraph Japan (CTJ). It 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, to help teams and projects start smoothly and achieve sustainable growth and development. Since the launch of the "TWSH", dozens of industry organizations such as IOSG, BAI capital, HashKey, Metis, Achemypay, etc. have joined as supporting organizations and judging committee members. Additionally, nearly 100 projects have been registered. According to the arrangement and setting of the organizing committee of "TWSH", the event details of this hackathon are as follows: 1.Schedule July 26 - August 26: Project registration; August 27 - September 16: Project pre-selection, excellent project roadshow, and NFT theme exhibition and other related activities September 17 - September 26: Organize centralized evaluation of projects and announce the results of the awards; End of September: Offline award ceremony in Japan. (Follow @CGVFof on Twitter for updates.) 2. Participants Traditional Internet developers and blockchain developers who are interested in Web3, developers, engineers, product managers, and UI designers with innovative and creative abilities. 3. Key fields "TWSH" welcomes projects from any public chain/ecological team to submit projects. The key fields of the competition include: Web3 protocol and infrastructure (L1/L2/cross-chain bridge, storage/identity/communication/auditing, etc.); Metaverse (virtual land, scenario development, platform construction, content production, virtual humans, etc.); NFTs (new standard protocols, issuance platforms, liquidity infrastructure, blue-chip assets, etc.); Games (innovative games, basic development layers, issuance platforms, guilds, etc.); DAOs (basic tools, asset management platforms, collection/self-service, guild governance), etc. 4. Resource support Bonus sponsorship. The winning projects will share a total prize pool of $150,00: 1 champion (20,000 USDT); 2 runners-up (10,000 USDT each); 6 second runners-up (5,000 USDT each), as well as several regional awards, category awards, and ecological sponsorship awards. Project investment and entrepreneurial guidance. Outstanding projects have the chance to receive a total of $1 million from the incubator funding, as well as start-up guidance from top global VC institutions. Connect developers with partner resources. The project can establish contacts with more BUIDLer and Web3 organizations, exchange with and learn from them, and explore more cooperation opportunities. Project exposure and brand awareness enhancement. The projects will gain more popularity through Japan's first Web3 Hackathon; the winning projects will have the opportunity to receive PR support and media interviews provided by CGV. 5. Scoring criteria Application for institutional cooperation (event support, project investment, media cooperation, etc.): Yurinatyou@cgv.fund Website for project 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, SONY Tokyo Tower, Metaverse REDO, 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.

By: Vargason, CGV Research Fellow Introduction As we enter the Web3 world, let’s start by asking ourselves a question: Do we need a crypto wallet to trade and keep our crypto assets? The answer is yes. Crypto wallets are essential for users in terms of market transactions and asset custody. With the development of DeFi, GameFi, and NFT, the use of crypto wallets has become a must-have skill. As a digital asset circulation carrier and an essential medium for reaching users, the crypto wallet is no longer an independent product but the gateway to the Web3 ecosystem. In recent years, the number of tokens lost on centralized exchanges has increased. The CeFi platform, while generating significant revenues, is unable to protect users’ assets, making users prefer to protect their assets through crypto wallets. If you want to explore the Web3 world, the first thing you need to do is to understand and use crypto wallets. In this article, CGV introduces you the crypto wallet, its ecological development, and the role it plays in the Web3 world. 1. What is the crypto wallet? 1.1 The development path of the crypto wallet Initially, crypto wallets were only used for depositing crypto assets and occasional transfers. Crypto wallets were more of an option for users with numerous assets, and most of users preferred to deposit their assets on non-custodial centralized exchanges. Due to the frequent security incidents on centralized platforms and the threat to users’ crypto assets, users prefer to protect their assets through crypto wallets. With the development of DeFi and NFT, users have begun to use crypto wallets to interact with on-chain protocols. In addition to allowing users to interact with various protocols, crypto wallets have introduced exchange functions, greatly facilitating users’ participation in Web3. 1.2 Private keys are the “Achilles’ heel” of crypto wallets Common crypto wallets are divided into three categories, namely software wallets, hardware wallets, and paper wallets, which can also be classified as hot or cold wallets depending on their working mechanism. A crypto wallet is mainly composed of a wallet account, a public key account, and a blockchain network, among which the most important are public keys, private keys, and mnemonics. Crypto wallets do not deposit digital assets, they are just a tool that provide what’s needed to interact with the blockchain. These wallets can generate indispensable information to support transactions that send and receive cryptocurrencies via the blockchain. Such information contains one or more pairs of public and private keys, and the address essentially represents a specific “location” on the blockchain used to receive the cryptocurrency. Therefore, you can disclose the public key address to others to receive funds. However, you cannot reveal to anyone your private key, which allows you to access the cryptocurrency in your wallet, regardless of which wallet you use. The private key is the “Achilles’ heel” of a crypto wallet and is the most important part of your crypto wallet that you need to protect. 2. Why is wallet the gateway to the Web3 world? 2.1 The crypto wallet has a promising future How to understand the relationship between crypto wallets and Web3? First of all, we should realize that the layout of crypto wallets is the starting point for building a value network, a vital traffic entry for infrastructure in the blockchain era. It is also the first step to participating in digital asset transactions and related asset activities. Paypal reported a 40% increase in new crypto wallet users in revenue in Q4 2021 and predicted that crypto services would make more progress and double in 2022. This year’s frequent market manias have confirmed this. Recently, Robinhood officially announced the launch of a crypto wallet at the Bitcoin Conference 2022 in Miami, and Opera launched an Internet browser and a crypto wallet with built-in Web3 integration. Besides, Phantom won $109 million in equity, and WalletConnect completed the A round of $ 11 million, etc. As an important entry for Web3 projects, the market expectations of crypto wallets are very impressive. Wallet is the traffic entrance of DeFi and an indispensable part of the crypto ecosystem. Wallets such as Metamesk and Bitkeep are crypto wallets that stand out in the wave of DFI. For example, Solana attracted users with its public chain design but lacked an easy-to-use wallet software. After Solana released the Phantom wallet, it attracted investment from industry investors including A16Z and Coinbase, and gained a large market share. 2.2 The path to digital asset management platforms for crypto wallets With the increase in crypto applications and the expansion of the crypto market scale, crypto wallets will gradually become a management platform that includes a variety of digital assets, from the single function of depositing and protecting assets, to generate more service products, such as wallet wealth management products, manageable ID documents, one-stop aggregated asset management platforms for daily payment, memorial card, etc. In this way, users can further experience the advantages of decentralized wallets, which will become important product forms and presentation methods in Web3. CGV deems that the more elements derived from crypto wallets, the more favorable it is to promote the progress of Web3. It may be a container for assets on our chain, and a collection of identities when we act in the Web3 world. A large number of daily behaviours will be related to the blockchain wallet, and users can even browse Web3 directly using crypto wallets. Crypto wallets are crucial to driving the industry. As the number of users grows, so does the demand for wallets. Crypto wallets are evolving into daily digital wallets, investment/deposits centers, digital identities, Web3 social, chain Bridges, etc. 2.3 Crypto wallets provide a safe haven for the Web 3 world As wallets become more widely used, there are more incidents of malicious clusters targeting Web3-enabled wallets such as Metamask. Confiant, a security agency, has uncovered a cluster of malicious activities involving a distributed wallet that allows hackers to steal private seeds and access users’ funds through backflushed fake wallets. Crypto wallet, which provides high performance, high security, and low threshold asset management services and extended platform for global users and developers, will be the next focus. There is no clear answer as to which crypto wallet should be used. If you trade frequently, a web wallet allows you to quickly access your funds and conduct transactions with ease. Let’s take a look at several wallets that are frequently used by users in the current market: 3. Ecological analysis of crypto wallets To make it easier for you to understand crypto wallets, CGV analyses the current wallet market by the way it works, and divides crypto wallets into “hot wallets” and “cold wallets”. Hot wallets refer to wallets that are connected to the Internet in any way. On the contrary, cold wallets are completely disconnected from the Internet. They use physical media to store keys offline, which can effectively resist online attacks by hackers. Therefore, cold wallets are more secure in “depositing” tokens. 3.1 Hot wallet ecology 1）BitKeep BitKeep is a decentralized multi-chain digital asset wallet. The wallet team has a unique understanding of the crypto industry and wallets. They have integrated Wallet, Swap, NFTMarket, DeFi, and DApps to build the gateway to the Web3 ecosystem. Public data shows that BitKeep wallet has become one of the more popular crypto wallets in Asia in terms of user base, revenue size, and valuation ranking. CGV notes that the problem for new users entering the Web3 world is that the learning threshold is too high, especially when it comes to mainnet selection for wallets, asset trading, and other issues. To lower the threshold for users, BitKeep has introduced several distinctive features: Buy any asset with any digital asset. BitKeep realizes quick exchange on DEXs such as Uniswap, Sushiswap, PancakeSwap, etc., and one-click cross-chain exchange for any asset of Ethereum, BSC, HECO, Polygon, Avax, Fantom, OEC, TRX, Solana. Save gas fees. Users do not have to deposit the corresponding mainnet tokens in advance as gas fees when transferring or trading via the BitKeep wallet, and can directly use the existing tokens to exchange, which saves the extra costs incurred by two exchanges, and simplifies the steps of exchanging mainnet tokens. Buy NFTs easily. BitKeep NFT Market is an aggregated NFT market with cross-platform search capabilities, as well as support for receiving and transferring tokens and bulk transfers of tokens, allowing users to purchase NFTs using any token on the same chain. CGV notices that capital institutions also favor BitKeep. On May 18, 2022, BitKeep raised $15 million in financing, with a valuation of $100 million. KuCoin Ventures, A&T Capital, Matrixport, Bixin Capital, Peak Capital, YM Capital, and other first-tier institutions have participated in the investment. 2）MetaMesk MetaMask is an easy-to-use crypto wallet supporting iOS/Android and major browsers. It is the wallet most widely supported by various browser in the crypto economy and has become the standard for all decentralized applications (Dapps). For users, MetaMask is an “electronic bank account” that can manage crypto assets, and users can use it for online and offline consumption, transfers, mortgage loans and other operations. It is also a “passport” to the decentralized network under the Web3 concept, through which users can connect to most platforms in the blockchain field. In terms of security, it is different from the mode in which the keys are stored in the central server, which isolates the storage environment from the site environment. With respect to connectivity, the interface between Ethereum and various DeFi platforms is built. That is, it is possible to participate in construction without synchronizing complete nodes. MetaMask is undoubtedly the most likely to become the Google of the Web3 era with its initial business model, as well as its leading monthly active users and funding scale. 3）Gnosis Gnosis Safe is a smart contract wallet running on Ethereum that requires the minimum required amount of keys of the total number of keys that is needed to sign the transaction (M-of-N). For example, if your business has 3 key stakeholders, you can set your wallet to require approval from all of them before sending a transaction request, which ensures that no one can steal the funds. Over the past 4 years, the development of multi-signature wallet Gnosis Safe has become a critical infrastructure for Web3, protecting digital assets for DAOs, institutions, projects and individuals. Gnosis Safe users manage over $64 billion worth of assets on the Ethereum mainnet alone. 4）CoinbaseWallet CoinbaseWallet is a beginner-friendly secure wallet with low transaction fees and ease of use. With CoinbaseWallet, you can use it not just as a tool to access cryptocurrencies, but as a foothold to explore decentralized networks. With CoinbaseWallet, you can manage ETH and all your ECR-20 currencies. As it supports BTC, BCH and LTC, you can use it to receive airdrops and cryptocurrencies, buy and store cryptocurrencies, and trade with anyone anywhere with no fees. 3.2 Hard wallet ecology 1）Ledger Ledger is a hardware wallet with moderate ease of use and high security. Ledger, the maker of Bitcoin hardware wallets, is one of the technology leaders in digital currency security, providing consumers and businesses with trusted hardware. Ledger is a smartcard-based Bitcoin hardware wallet that offers the highest level of protection with technology-leading availability and manipulation. Ledger hardware wallet is a multi-functional wallet, a hardware device that securely stores private keys. When viewing the wallet and sending transaction requests, the hardware wallet needs to be used with a software wallet. It also supports the secure storage of Bitcoin, Ethereum and platform tokens, Zcash, etc. Its projects have offered open source resources on Github. 2）Trezor Trezor is a hardware wallet with moderate ease of use and high security. Trezor is a high-tech data encryption memory. This brand is recognized as the earliest and most discreet and secure crypto memory. It is a reliable brand that has been verified by global digital currency players, with excellent company records and rich software support. Trezor’s security model is based on the principle of zero trust, which assumes that any part of the security system can be successfully attacked. Summary There is no clear answer as to which crypto wallet should be used. CGV suggests that if you trade frequently, web wallet can allow you to quickly access funds and conduct transactions conveniently. If you hold a large number of cryptocurrencies for a long time and do not intend to sell them, then cold wallet is an ideal option. These wallets are not connected to the Internet and are more secure against online phishing attacks or scams. Therefore, before choosing the ideal wallet, you should first figure out the technology of the wallet. Practical protection tools should be considered when using cryptocurrency trading platforms. CGV deems that with the continuous prosperity of the Web3 ecosystem, it will be a huge opportunity for crypto wallets to integrate this ecosystem and enrich our assets. 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.

The crypto market is building even in a bear market, with the Web3 ecosystem maintaining around 5,000 active developers per week for the past three months, with Ether ranking first with 1,720. From this week’s statistics (8 projects in total), web3 infrastructure projects (4) continue to be favored by investors, while NFT (2), Game (1), and DeFi (1) projects have seen a slowdown in the number of pitches and funding. CGV, in conjunction with CTC, has put together a week’s worth of noteworthy pitches and funding information from the global crypto market, below, for August 1, 2022 -July 7 Global Crypto Market Pitching Information. 【Infrastructure】 1. Debt DAO | Seed round funding of $3.5 million｜Led by Dragonfly Capital On August 1st, Debt DAO, a crypto credit protocol, closed a $3.5 million seed round led by Dragonfly Capital with participation from GSR, Numeus, Fasanara Capital and others. Link to original article:https://www.theblock.co/post/160427/dragonfly-capital-leads-3-5-million-seed-round-for-debt-dao 2. Lifeform | Seed Round Financing｜Led by Binance Labs On August 3, Lifeform, a provider of decentralized visual digital identity (DID) solutions, announced the completion of a seed funding round led by Binance Labs. Link to original article:https://twitter.com/BinanceLabs/status/1554664874340278274?s=20&t=mikJu0V_deT_2QP51w69-g 3. Web3Port | Seed round funding of $1 million｜SNZ, HashKey and others participated On August 3, Web3 gas pedal Web3Port (formerly ICPort) closed a $1 million seed round at a $20 million valuation, with participation from SNZ Holding, HashKey, KuCoin Ventures, FBG, Spark Digital Capital, 7 O’Clock Capital, MH Ventures, Web 3.0 SEA Alliance, BetteversDAO, and others. Link to original article:https://medium.com/@Web3Port/icport-closes-seed-round-funding-at-20-million-valuation-and-is-officially-rebranded-to-web3port-4ecce60730fd 4. Coherent | Seed round funding of $4.5 million｜Coinbase Ventures and others participated On August 5, Coherent, a blockchain data startup founded by former Coinbase employee Carl Cortright, closed a $4.5 million seed round led by Kindred Ventures, Matchstick Ventures and Foundry Group, with participation from Coinbase Ventures, Alchemy and Chapter One. Link to original article:https://www.theblock.co/post/161557/coherent-web3-data-startup-funding-former-coinbase-employee 【DeFi】 5. OrBit Markets | Raised $4.6 million in an angel round｜Led by Matrixport On August 1, OrBit Markets, an institutional liquidity provider in crypto options and structured products, recently announced the closing of a $4.6 million angel funding round led by Matrixport with participation from Brevan Howard Digital, New Form Capital, Maven 11 and Westridge Markets. Link to original article:https://us.acrofan.com/detail.php?number=701181 【Game】 6. Panzerdogs | Raised $3.35 million｜Solana Ventures and others participed On August 4, Panzerdogs, a “tank battle” themed PvP chain game, closed $3.35 million in funding from Solana Ventures, Magic Eden, COM2US, CRIT, Mysten Labs, Zeeprime Capital, Hustle Fund, SOLBigBrain, and Devmons GG, and individual investors such as Sebastien Borget, co-founder of The Sandbox. Link to original article:https://view.news.eu.nasdaq.com/view?id=bdfd77d8932fb747603d7c94d3fa7be23&lang=en 【NFT】 7. Capsid | Seed round funding of $3 million｜Distributed Global and others participed On August 1st, Capsid, the NFT derivatives marketplace, announced on social media that it had closed a $3 million seed funding round. The round was funded by Distributed Global, 32-Bit Ventures, SpringWind, Xoogler Ventures and Mask Network. Link to original article:https://twitter.com/Capsid_One/status/1554302018641993728?s=20&t=rTX-j3UDxTVuBZNsKpGaCQ 8. Halliday | Seed round financing of $6 million｜Led by a16z On August 5, Web3 startup Halliday closed a $6 million seed round led by a16z with participation from Hashed, A.Capital, SV Angel and others. Link to original article:https://twitter.com/TechCrunch/status/1555242667793072129?s=20&t=UFX0qymtEcpOsHwNVjMh6g 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.

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.

With the continued downturn in the market, project valuations in the crypto market have shrunk significantly compared to previous periods. From this week’s statistics (7 projects in total), web3 infrastructure projects (2) saw a significant decrease in the number of pitches, NFT (4) projects remained the market’s focus, and DeFi (1) projects saw a significant decrease in the number of pitches. CGV, in conjunction with Cointelegraph Chinese, has put together a roundup of the week’s notable pitches in the global crypto market. The following is a summary of the global crypto market’s noteworthy pitches for 20 June — 26 June. 【Infrastructure】 1. Finhay｜Series B funding of $25 million｜Led by Openspace Ventures On June 23rd, Finhay, a Vietnamese digital investment platform, announced the completion of a $25 million Series B funding round led by Openspace Ventures and VIG, with participation from Insignia, TVS, Headline, TNBAura and IVC.Investments. Link to original article:https://www.financemagnates.com/fintech/news/investment-platform-finhay-raises-25-million-in-series-b-round/ 2. Flowdesk｜Series A funding of $30 million｜Coinbase and others participed On June 24, crypto financial services company Flowdesk closed a $30 million Series A funding round with participation from Coinbase, Ledger, Eurazeo, Aglaé Ventures, ISAI, Speedinvest, Fabric.vc and some angel investors. Link to original article:https://www.coindesk.com/business/2022/06/24/flowdesk-raises-30m-to-expand-trading-and-market-making-services/ 【NFT】 3. Astaria｜Raising $8 million｜Genesis Trading and others participed On 20 June, NFT lending platform Astaria closed an $8 million funding round with participation from True Ventures, Arrington Capital, Ethereal Ventures, Wintermute, Genesis Trading, Ledger Prime, Hypersphere Ventures, TheLAO and others. Link to original article:https://www.coindesk.com/business/2022/06/20/ex-sushi-cto-raises-8m-for-nft-lending-platform-astaria/ 4. Magic Eden｜Series B financing of $130 million｜Led by Electric Capital On 21 June, Magic Eden, the Solana eco-NFT marketplace, announced the closing of a $130 million Series B round of funding led by Electric Capital and Greylock at a post-money valuation of $1.6 billion. magicEden plans to use the funding to expand its primary and secondary markets. Link to original article:https://www.coindesk.com/business/2022/06/21/solana-nft-marketplace-magic-eden-raises-130m-at-16b-valuation/ 5. Cyan｜Seed round funding of $2 million｜Led by Animoca Brands On 24 June, Cyan, the NFT financial services protocol, closed a $2 million seed round led by gumi Cryptos Capital (gCC) and Animoca Brands, with participation from OpenSea, Fabric Ventures, Bastion Tradingm and others. Cyan, the Buy Now, Pay Later service for the metaverse, is the first protocol to provide financing options for purchasing NFTs. Link to original article:https://medium.com/@usecyan/cyan-receives-2m-in-seed-round-investment-1d172f6e17a9 6. Cryptoys｜Series A financing of $23 million｜Led by a16z On June 24, Cryptoys, a digital toy NFT platform, closed a $23 million Series A round led by a16z with participation from Mattel, Dapper Labs, Draper & Associates, Acrew Capital, CoinFund, Animoca Brands and Sound Ventures. Link to original article:https://techcrunch.com/2022/06/23/cryptoys-banks-a16z-funding-to-build-nfts-for-kids/?tpcc=tcplustwitter 【DeFi】 7. Increment｜Seed round funding of $1.56 million｜Led by ParaFi Capital On June 20, Increment, a decentralized perpetual contract, announced a $1.56 million seed round led by ParaFi Capital with participation from Delphi Digital, Dialectic, AngelDAO, LedgerPrime and SkyVision Capital. Link to original article:https://medium.com/increment-newsletter/increment-raises-1-56m-to-bring-multi-currency-perpetual-swaps-to-zksync-2-0-adb12a6f9764 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.