Due to the liquidity crisis, the crypto market has been falling recently, with the total market capitalisation of crypto assets having shrunk by nearly two-thirds compared to the high point in November last year, and the investment fever in the primary market is gradually decreasing. From this week’s statistics (9 projects in total), the number of investment and funding for web3 infrastructure projects (2) has significantly decreased, Game (4) projects are still the key investment target of the market, and the number of investment and funding for NFT (2) and DAO (1) projects has also decreased. CGV and CTC have put together a summary of the noteworthy investment and funding information of the global crypto market for the week, as follows Global crypto market investment and funding information from 13 June — 19 June 2022. 【Infrastructure】 1. ScienceMagic.Studios｜Pre-seed round raises $10 million｜Coinbase Ventures and others participed On June 13, ScienceMagic.Studios, a firm that advises brands and talent on implementing web3 technologies, completed a $10 million pre-seed round of financing, which was invested by Coinbase Ventures, Digital Currency Group (DCG) and others. Link to original article:https://www.theblock.co/linked/151724/web3-tech-advisory-firm-sciencemagic-studios-raises-10-million-pre-seed 2. zCloak Network｜Pre-A round of funding of $5.8 million｜Led by Coinbase Ventures On June 17, zCloak Network, which provides zero-knowledge proofs for public blockchains, closed a $5.8 million Pre-A round of funding led by Coinbase Ventures, with participation from Bixin Ventures, Matrixport Ventures, DFG, Sancus Ventures, KuCoin Ventures, Sanctor Capital, Hash Global and Jump Capital, among others. With the new funds, zCloak Network plans to expand its partnerships with identity data attestors, web3 applications and blockchain networks. Link to original article:https://www.theblock.co/post/152423/zero-knowledge-proof-startup-zcloak-network-raises-5-8-million?utm_source=rss&utm_medium=rss 【Game】 3. Nefta｜Raising $1 million｜Picus Capital participates On June 14th, Web3 gaming platform Nefta announced a $1 million round of funding from Picus Capital, which the company plans to use to partner with more game studios. Link to original article:https://www.animationxpress.com/technology/nefta-announces-1million-investment-from-picus-capital-to-accelerate-the-growth-of-web3-gaming/ 4. The Wildcard Alliance｜Series A financing of US$46 million｜Led by Paradigm On June 14th, The Wildcard Alliance, the Web3 Games subsidiary of indie game studio Playful Studios, announced the closing of a $46 million Series A round of funding led by Paradigm with participation from Griffin Gaming Partners, Polygon and others. The company is currently releasing a multiplayer online battle royale game. Link to original article:https://finance.yahoo.com/news/words-friends-co-founder-raises-131148207.html 5. Saga｜Raised $3.6 million｜Led by Animoca Brands On June 16, Saga, a decentralized gaming community, announced the closing of a $3.6 million funding round led by Animoca Brands, with investment from Delta Blockchain Fund, Genblock Capital, Moonchain Capital, Compute Ventures, NGC Ventures, Highstreet Ventures, M31 Capital, TsingTing Capital, Metal VC, PANONY, Rainmaker Games, Everest Ventures Group, vEmpire, SL2 Capital and AAG Ventures participated. Saga is a decentralized gaming community with a focus on expanding and enriching the metaverse through building chain-agnostic market tooling, championing emerging projects, and unlocking the power of metaverse owners, builders, and players across the globe. It can do so with cross-game non-fungible tokens (NFTs), which authenticate unique digital items using the blockchain. Link to original article:https://venturebeat.com/2022/06/15/saga-raises-3-6m-to-make-metaverse-middleware/ 6. Clockwork Labs｜Series A financing of US$22 million｜Led by a16z On June 17th, Clockwork Labs, a gaming company, announced the closing of a $22 million Series A round of funding led by a16z with participation from Supercell and others. The funding will be used to develop its community sandbox massively multiplayer online role-playing game BitCraft and to support new database technologies for games, web applications and Web3 APP. Link to original article:https://venturebeat.com/2022/06/16/clockwork-labs-raises-22m-for-community-sandbox-mmorpg-bitcraft/ 【NFT】 7. Castle｜Pre-Seed round raises $1.5 million｜Led by Dragonfly Capital On June 17, NFT Smart Wallet Castle closed a $1.5 million Pre-Seed round led by Dragonfly Capital, with participation from Palm Tree Crew, Lattice Capital, Whitestar, Framework and others, and individual investors including Andy ( Fractional), Gmoney, Jess Sloss (Seed Club), Trevor McFedries (FWB & Dapper Labs, Linda Xie, Cooper Turley, Hunter Horsely (Bitwise), Mariano Conti Jason Goldlist, John Barnett, Joshua Harris and others. Link to original article:https://mirror.xyz/castlelink.eth/RLwmbMc6Li7FUDO5B0BBJa34TaZioPwMxJHzoUWrqzI 8. Fika｜Raising $4 million｜Led by First Round Capital and others On June 19th, NFT startup Fika announced the closing of a $4 million funding round led by First Round Capital, XYZ Capital and Moment. Link to original article:https://decrypt.co/103239/silicon-valley-producers-tap-ethereum-nfts-for-user-generated-comedy 【DAO】 9. Molecule｜Seed round funding of $13 million｜Led by Northpond Ventures On June 13, Molecule, a platform where medical research projects can receive funding via decentralized autonomous organizations (DAOs), closed a $13 million seed round led by Northpond Ventures with participation from Backed VC, Shine Capital, Speedinvest and former Coinbase CTO Balaji Srinivasan. Link to original article:https://www.theblock.co/post/151539/decentralized-science-platform-molecule-raises-13-million-in-seed-funding 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 (May 2022) TRENDS Decentralized Society: Finding Web3’s Soul (Excerpt) initial public publication time: May 10, 2022 CR Recommendation Vitalik Buterin’s blueprint for the Web3 “Decentralized Society” (DeSoc) — a social relationship where souls and communities come together from below as a distinguishing feature of each other, creating multiple web objects and intelligences at multiple scales. The paper is noteworthy in that it is a collection of papers on the subject. Notably, this paper centers on the new humanistic possibilities surrounding the non-transferable “soul-bound” NFT. Perhaps reading it will remind you of how you felt when you first discovered ethereum, that is, hopeful for a better future and confident that we have the ideas and the means to really start making it happen. Embracing the “externality” of absurd Web3 is more important initial public publication time: May 7, 2022 CR Recommendation When we are discussing Web3, we are always concerned with the inner meaning of Web3, in fact, the externality of Web3 is also crucial. Since the birth of blockchain, externality markets have been expanding, and even externality markets will give birth to more externality markets, almost unstoppable. In the author’s view, these externality markets, too, are strengthening the platforms from which they were originally born, together building a value network. When there are multiple externality markets in a network, it becomes more immensely stronger and more powerful, providing greater externalities to the real world. Bear Market Returns Formula for Paradigm Change Finding Investment Opportunities initial public publication time: May 18, 2022 CR Recommendation In the crypto world, although there have been several rounds of bull and bear markets, new narratives, new models, and new levers have come together to open up a paradigm revolution of ups and downs each time. The authors look at the next wave of Crypto’s underlying paradigm revolution at a high level, using first-nature principles, and although they only point to ten directions, it is worth your attention and research at a high level. The next crypto wealth code may be in it. FIELDS How to make an open metaverse initial public publication time: April 15, 2022 CR Recommendation The world’s business giants seem keen to develop what they see as a ‘meta-universe’. For the revolutionaries from Web3 and the future, can they create an open meta-universe that truly belongs to the users and not the shareholders? The author gives his answer. What needs to be done next may just be to turn this blueprint plan into reality. The Future of Work is Not Corporate — — It’s DAOs and Crypto Networks initial public publication time: December 17, 2021 CR Recommendation Theoretically, blockchain-based crypto networks can break the monopoly of who controls information, who makes money, and how businesses operate, and the corporate system may no longer be applicable to the web3 era. the emergence of DAO will change the future of work, participants will share the value of the network, X-to-earn will become the future of work, people can work, create contributions, participate in the network People can earn income by working, creating contributions, participating in the network, playing games, learning, creating, investing, etc. More opportunities will be open to everyone fairly. However, the authors also point out that DAO is also in its early stages and needs professional coordination tools and a reputation system to support its continued development. How Brands Are Experimenting with Web3 initial public publication time: May 10, 2022 CR Recommendation With the Web3 boom, many companies are jumping on the bandwagon. The authors examine how three different approaches to Web3, namely: virtual products, hybrid products, and distributed ownership, will each be able to deliver immediate business value. By experimenting with each approach, brands can leverage this new Internet era to expand and enrich their digital footprint. As brands better understand the opportunities and challenges and optimize their methodologies, their early experiments may turn into long-term sustainable strategies. PROJECTS Delphi Digital: Hindsight on the Terra Crash initial public publication time: May 25, 2022 CR Recommendation The UST collapse that occurred in May 2022 was one of the most catastrophic major events in the cryptocurrency industry since Mt Gox in 2014. In the article, Delphi Digital is open and transparent about the involvement of its various divisions in Terra, and further explains their investment theories and problems, and what lessons should be learned from them. The crypto industry has been a bumpy ride, and although the Luna incident caused irreparable damage, Delphi Digital’s courageous attitude and scientific and rigorous analysis are worth learning from and acknowledging. Deep Dive on Avalanche and Subnets initial public publication time: May 5, 2022 CR Recommendation Nowadays, crypto projects, which are more and more interested in the stability and economy of development environment, are desperately looking for public chains with higher performance and lower cost, just like exploring “value pits”, and Avalanche is one of the leading ones. The innovative three-chain model of Avalanche network design, namely, X-chain (for on-chain transactions), P-chain (for coordination and governance), and C-chain (for smart contracts), can support various blockchain elements to be combined and customized by themselves, allowing anyone to deploy a blockchain that suits their application needs. This article provides an in-depth analysis of Avalanche and its subnets to give you a deeper understanding of how Avalanche differs from other L1 blockchains. Download:https://drive.google.com/file/d/1d-ub2U8zRoVXKZGvf4uLSqf2Yzh98RpR/view Website: https://www.cgv.fund/ Twitter: https://twitter.com/CGVFOF Medium:https://medium.com/@CGVFoF About CGV FoF: Cryptogram Venture FoF(CGV FoF) is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada.

As the Crypto market has fallen sharply, investor interest in NFT has also declined significantly. From this week’s statistics (19 projects in total), the number of pitches for NFT (2) and DeFi (2) projects has dropped sharply. web3 infrastructure (8) remains the focus of pitches, GameFi (4) is starting to see an uptick in pitches and DAO (1) projects are starting to see an increase in pitches. cgv, in association with CTC, has put together a week of notable pitches in the global crypto market. The following is a roundup of the global crypto market’s notable pitches from 30 May — 5 June 2022. 【Infrastructure】 Cloudwall｜Seed round funding of $6.3 million｜Led by LocalGlobe On June 1, Cloudwall Capital, a digital asset risk management platform, announced the closing of a $6.3 million seed round led by LocalGlobe and Illuminate Financial, with participation from IA Capital Partners, Eberg Capital and Nemo Ventures, as well as a group of angel investors from the DeFi and traditional finance sectors. Link to original article:https://www.techinasia.com/sg-crypto-firm-cloudwall-bags-63m-seed 2. FinTron｜Series A financing of $6.5 million｜Webster Bank and others participated On June 1, FinTron, a crypto investment and finance app, announced the closing of a $6.5 million Series A round of funding with participation from AUA Capital Management, Connecticut Innovations, Sage Venture Partners and Webster Bank. FinTron provides personal finance services to the Z-generation and millennial audiences. Link to original article:https://www.benzinga.com/pressreleases/22/06/n27495342/fintron-raises-6-5m-in-series-a-funding-round-to-bring-greater-financial-freedom-to-the-mobile-fir 3. Dework｜Seed round funding of $5 million｜Led by Paradigm On June 1st, coworking tool Dework closed a $5 million seed funding round led by Paradigm and Pace Capital, with participation from former Coinbase CTO Balaji Srinivasan and Polygon founder Sandeep Nailwal. Link to original article:https://www.coindesk.com/business/2022/06/01/paradigm-backs-5m-round-in-dao-management-platform-dework/ 4. Big Whale Labs｜Seed round funding of $3.8 million｜Led by M13 On June 1, Big Whale Labs, a privacy protocol development company, announced a $3.8 million seed round led by M13 and Road, with participation from Slow Ventures, C2, Goodwater, Panache, NFR, former Coinbase CTO Balaji Srinivasan, and Roman, founder of Tornado Cash. Link to original article:https://www.theblockcrypto.com/post/149180/pseudonymity-startup-big-whale-labs-raises-3-8-million-seed-round 5.SIZE｜Seed round funding of $6 million｜Led by Three Arrows Capital and others On June 1st, on-chain OTC platform SIZE closed a $6 million seed funding round led by Three Arrows Capital, Wintermute and Mgnr, with participation from Alameda Research, D1 Ventures and Genblock Capital. SIZE makes it easy for users to participate in sealed bid auctions for vested and unvested Tokens, and is currently working on an MVB version of the product. Link to original article:https://www.theblockcrypto.com/linked/149625/size-raises-6-million-backed-by-three-arrows-wintermute-mgnr-and-more?utm_source=twitter&utm_medium=social 6. GoSats｜Pre-A round of funding of $4 million｜Y Combinator and others participate On June 1st, Bitcoin rewards platform GoSats closed a $4 million Pre-A round of funding with participation from Y Combinator, Accel and Gossamer Capital, among others. GoSats allows customers to earn bitcoins as cash back from transactions through its platform. Link to original article:https://www.techinasia.com/indian-bitcoin-rewards-firm-earns-4m-preseries-money 7. Laevitas｜Seed round funding of $2.5 million｜Led by Three Arrows Capital On June 2, Laevitas, a crypto derivatives data analytics platform, announced the closing of a $2.5 million seed funding round led by Three Arrows Capital and DeFiance Capital, with participation from CMS, Astronaut Capital and others. Laevitas launched in early 2021 and currently provides data analytics on crypto futures and options markets for users as well as several hedge funds, market makers and trading firms. Link to original article:https://medium.com/laevitas/announcing-our-2-5m-seed-round-a58d349282f2 8. Anmol Network｜Seed round funding of US$1 million｜Led by AU21 Capital On June 3, Web3 infrastructure startup Anmol Network announced the closing of a $1 million seed round led by AU21 Capital with participation from MEXC Global Exchange, YBB Foundation, Lotus Capital, Danish Chaudhry, HG Ventures and Rob Hanneman. Link to original article:https://nation.com.pk/2022/06/03/pakistan-based-startup-raises-1m-to-make-blockchain-more-accessible/ 【DeFi】 9. Smart Chain DeFi｜Series A funding of US$16 million｜Led by Binance Labs On 31 May, Smart Chain DeFi, the DeFi protocol, announced the completion of a $16 million Series A funding round led by Binance Labs, with participation from Adrian Kolody, founder of unmanaged DEX Domination Finance, and others. Smart Chain DeFi is a one-stop Liquidity-as-a-Service (LaaS) DeFi protocol based on BNB Chain, which was invested in an angel round by Binance’s $1 billion Growth Fund. Link to original article:https://www.digitaljournal.com/pr/smartchain-defi-announces-a-16-million-series-a-round-led-by-binance-labs-to-build-a-one-stop-infrastructure-for-its-web3 10. Alloy｜Pre-seed round raises $3 million｜Led by Headline Ventures On May 31st, DeFi platform Alloy announced the closing of a $3 million pre-seed round led by Headline Ventures with participation from Guillaume Pousaz, founder of Checkout.com, Nicolas Julia, founder of Sorare and Seedcamp. Alloy aims to build a DeFi platform for institutional investors, which will be launched in the second half of 2022. Link to original article:https://www.theblockcrypto.com/linked/149384/checkout-com-founder-backs-defi-platform-alloy-in-3-million-pre-seed-round 【GameFi】 11. Village Studio｜Pre-seed round funding of €2.1 million｜Led by Animoca Brands On May 30th, gaming platform Village Studio announced the closing of a €2.1 million pre-seed funding round led by Animoca Brands, with participation from Venrex, AngelHub, K3, WinZO and others. Village Studio hopes to help Web3 games improve interoperability and provide value to players and developers, and to expand its team and develop its game platform with the support of this round of funding. Link to original article:https://www.pocketgamer.biz/news/78896/founded-rovio-zynga-veterans-village-studio-raised-21-million/ 12. Chibi Clash｜Raised $3 million in a private placement round｜Jump Capital and others participated On May 31, Web3 game Chibi Clash announced the closing of a $3 million private funding round with participation from Alliance, Genblock Capital, Jump Capital, C² Ventures, Kyros Ventures, NGC Fund, PetRock Capital, Polygon Ventures, Shima Capital, Avocado DAO, Rainmaker Games and others. Polygon Ventures, Shima Capital, Avocado DAO, Rainmaker Games, and others. Chibi Clash is building a Web3 game world centered around its flagship car fighting game, where players can unlock weapon upgrades using NFT. Link to original article:https://u.today/chibi-clash-next-gen-metaverse-game-secures-3-million-announces-ido 13. Walken｜Raised $4.7 million｜Led by Infinity Ventures Crypto On June 2, Walken, a Solana-based Move to Earn chain game, announced a $4.7 million funding round led by Infinity Ventures Crypto and Shima Capital, with participation from Morningstar Ventures, Ghaf Capital Partners, Huobi Ventures, and Dex Ventures. Huobi Ventures, Dex Ventures, and others. The funding will be used to rapidly scale up game development and further improve the product on a sustainable economic basis. Link to original article:https://cointelegraph.com/press-releases/move-to-earn-wellness-project-walken-seals-47m-funding-round 14. Red Village｜Seed round funding of $6.5 million｜Led by Animoca Brands On June 3, Red Village, a P2E game, announced the closing of a $6.5 million seed funding round led by Animoca Brands and GameFi Ventures Fund, with participation from Kucoin Ventures and JellyC. Red Village is the first blockchain dark fantasy game platform with two game modes to choose from, a beta test mode and a tournament mode that brings traditional gamers together with a virtual world through an engaging game storyline and a vibrant community. Link to original article:https://cfxmagazine.com/the-red-village-announces-6-5m-seed-round-led-by-animoca-brands-and-gamefi-ventures-fund-press-release-bitcoin-news/ 【NFT】 15. Ayoken｜Pre-seed round raises $1.4 million｜Kon Ventures and others participed On May 30, NFT project Ayoken closed a $1.4 million pre-seed round of funding with participation from Founders Factory Africa, Kon Ventures, Crypto League, R9C Ventures and Maximus Ventures. The funding will be used to purchase exclusive rights and build a technical team. Link to original article:https://techcrunch.com/2022/05/30/ayoken-raises-1-4m-to-grow-its-nft-marketplace-for-creatives/?tpcc=tcplustwitter 16. Playdex｜Seed round funding of $2 million｜OrangeDAO and others participed On June 2, NFT rental marketplace Playdex raised a $2 million seed round of funding led by PDAX, Orange DAO and BukoVentures, with participation from Tinder co-founder Justin Mateen, Magic co-founder Aaron Kemmer, CSVE Ventures managing Partner NinaTeng, YawYeo of XA Network, Ray Alimurung, Chairman of Lazada PH, and Wing Vasiksiri. Playdex is an online marketplace that allows gamers and guilds to rent game assets from NFT holders. Link to original article:https://e27.co/coins-ph-founder-ron-hoses-new-nft-rental-marketplace-playdex-nets-us2m-20220602/ 【DAO】 17. Utopia｜Series A financing of $23 million｜Led by Paradigm On June 1, Utopia, a DAO payroll system, announced the closing of a $23 million Series A round of funding led by Paradigm, with participation from Kindred Ventures, Circle Ventures, Gusto, Coinbase Ventures, Infinity Ventures Crypto, and Fourth Revolution Capital. Distributed Global and Fourth Revolution Capital, among others. The new funding will be used to grow and expand the team and further improve DAO’s functionality, including Token attribution, ledger design and personnel management. Link to original article:https://mirror.xyz/utopialabs.eth/H1-KPA2HxHzow0WQt35afJl-uQtTv2alTzFqRpRXeNU About CGV FoF: CGV FoF (Cryptogram Venture FoF)is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada

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

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

The Federal Reserve’s policy has exacerbated the short-term risks in the Crypto market, although the investment fever in the Crypto primary market has not been doused for the time being. Looking at this week’s statistics (18 projects in total), the number of web3 infrastructure (8) pitches started to rise, while the number of pitches for NFT (3), GameFi (5) and DeFi (2) projects remained at average levels. CGV, in conjunction with CTC, has put together a roundup of the week’s noteworthy pitches in the global crypto market, as follows 16 May 2022 The following is a summary of the global crypto market’s noteworthy pitches for May 16 — May 22, 2022. 【Infrastructure】 1. Certora | Series B financing of $36 million｜Led by Jump Crypto On May 17, Certora, a blockchain smart contract security analytics company, announced the completion of a $36 million Series B funding round led by Jump Crypto, with participation from Tiger Global, Galaxy Digital, Electric Capital, ACapital, Framework Ventures, Coinfund, Lemniscap, Coinbase, VMware and others. Link to original article:https://www.theblockcrypto.com/post/147066/certora-announces-36-million-series-b-funding-round-led-by-jump-crypto 2. Metatheory | Series A financing of $24 million｜Led by a16z On May 17, Metatheory closed a $24 million Series A round led by a16z with participation from Pantera Capital, FTX Ventures, Breyer Capital, Merit Circle, Recharge Theme Ventures, Dragonfly Capital Partners, Daedalus, Sfermion and Global Coin Research, among others. Link to original article:https://www.businesswire.com/news/home/20220516005220/en/Twitch-Co-Founder-Kevin-Lin-Raises-24-Million-Series-A-for-New-Web3-Interactive-Media-Company-Metatheory 3. CyberConnect | Series A funding of $15 million｜Led by Animoca Brands On 17 May, CyberConnect, the Web3 social platform, closed a $15 million Series A round of funding led by Animoca Brands and Sky9 Capital. CyberConnect plans to use the funding to continue building its protocols, expand its team and launch new Web 3 projects. Link to original article:https://www.coindesk.com/business/2022/05/17/cyberconnect-raises-15m-to-expand-social-graph-protocol/ 4. Seed Club | Raising $15 million｜Multicoin and others participated On May 18, Web3 accelerator Seed Club will close a $15 million funding round at a $150 million valuation with participation from USV, Multicoin Capital, Placeholder and others, which will be used for ecological development. Link to original article:https://snapshot.org/#/club.eth/proposal/0x182878f44a586f112f1d6757e7267237e7d99c29ce1ebe1f630323a6502a49ef 5. BitKeep | Series A funding of $15 million｜Led by Dragonfly On May 18, BitKeep, a multi-chain crypto wallet, closed a $15 million Series A funding round at a $100 million valuation, led by Dragonfly, with participation from KuCoin Ventures, Foresight Ventures, A&T Capital, SevenX, Matrixport, Bixin Capital, Danhua Capital, Peak Capital, YM Capital and others. Link to original article:https://blog.bitkeep.com/en/?p=688 6. NodeReal | Series A funding of $16 million｜Led by Sky9 Capital On 19 May, infrastructure provider Nodereal closed a $16 million Series A round of funding led by Sky9 Capital. NodeReal was founded in 2021 and is based in Singapore. It aims to empower developers, innovative Web3 applications and large Web2 applications to explore blockchain with scalable solutions. Link to original article:https://www.digitaljournal.com/pr/nodereal-announces-16m-in-series-a-funding-led-by-sky9-capital-to-build-one-stop-infrastructure-for-web3 7. Coins.ph | Series C financing of $30 million｜Led by Ribbit Capital On May 19, Coins.ph, a provider of crypto-wallet services, announced the closing of a $30 million Series C round of funding led by Ribbit Capital. Link to original article:https://haxbyq.com/checking-browser?h=waWQiOjEwNTQwMzAsInNpZCI6MTE0Mzg3MCwid2lkIjozNDYxODMsInNyYyI6Mn0=eyJ&si1=&si2= 8. STG | Series A financing of $3 million｜Led by Blue Bay Ventures On May 19, STG (Security Token Group) closed a $3 million Series A round of funding led by Blue Bay Ventures with participation from Blizzard Fund (Avalanche Eco Ventures), Exodus and others. STG focuses on building financial infrastructure to support the development of the securities token industry, helping asset owners to tokenize their assets using blockchain technology. Link to original article:https://itsecuritywire.com/news/security-token-group-rakes-3-million-in-series-a-funding-round-as-a-strategic-investment-led-by-blizzard-fund-exodus-blue-bay-ventures/ 【DeFi】 9. iZUMi Finance | Raising $30 million｜Cobo and others participaded On 21 May, iZUMi Finance, the multi-chain DeFi protocol, announced the completion of a $30 million funding round, including institutional investors from Ivy Venture, Cobo and Mirana. Link to original article:https://www.coindesk.com/business/2022/05/20/defi-protocol-izumi-finance-raises-30m-launches-exchange/ 10. AFKDAO | Private placement round raising $3 million｜AC Capital and others participaded On May 21, AFKDAO, the NFT DeFi infrastructure, announced the closing of a private funding round of over $3 million, raised by AC Capital, YGGSEA, Hoo Labs, AvocadoDAO, Yunko Association, Youbi Capital, GEMS, Sharding Capital, CryptoVN, Keys Labs, Blokpact, Koi Capital, IOBC, Play It Forward DAO, Lead Capital, SilverFox Foundation, Hot DAO, FishDAO, NFV, WAGMI33, and GMC Capital. The funding round will be used to continue the expansion of AFKDAO’s presence in South East Asia. Link to original article:https://medium.com/@AFK_DAO/afkdao-private-sale-announcement-bae48f9eaf39 【GameFi】 11. FreshCut | Raising $15 million｜Animoca Brands and others lead On May 18, FreshCut, a Polygon-based Web3 game platform, announced a $15 million funding round co-led by Galaxy Interactive, Animoca Brands and Republic Crypto. Hashed, SkyVision Capital, Tamarack Global, C2X, Polygon and others participated. The funding round will be used to continue developing its short-form video content platform. Link to original article:https://decrypt.co/100719/polygon-gaming-platform-freshcut-raises-15m 12. Awkay Technologies | Raising $2.5 million｜Led by Vendetta Capital On 19 May, game development company Awkay Technologies closed a $2.5 million funding round. The round was led by Vendetta Capital and Icetea Labs, with funding from Animoca Brands, Morningstar Ventures, Bridge Mutual, Momentum6, FomoCraft, GAINS Associates, Paribu Ventures, Cryowar, AU21, ZBS Capital, Good Games Labs, BreederDAO, PolkaCity, RBL Labs, Tuzanye Game Guild, AvStar Capital, Parachain Ventures and Tehmoonwalker, among others. Link to original article:https://www.accesswire.com/701382/The-Unfettered-from-Awkay-Technologies-Raises-25M-in-Private-Investment-Round 13. Azra Games | Seed round funding of $15 million｜Led by a16z On May 19th, Azra Games, a chain game studio, announced the closing of a $15 million seed funding round led by a16z, with participation from NFX, Coinbase Ventures, Play Ventures and Franklin Templeton. The round will be used to launch its first combat RPG, Project Arcanas. Link to original article:https://www.coindesk.com/business/2022/05/19/a16z-leads-15m-round-for-p2e-studio-azra-games/ 14. Saga | Seed round funding of $6.5 million｜Polygon Studios and others participated On May 19th, Saga, a startup focused on developing a ‘proprietary’ blockchain for the gaming and entertainment industry, announced the closing of a $6.5 million seed funding round at a valuation of $130 million.This round was funded by Maven 11, Longhash Ventures, Hypersphere, Figment, Polygon Studios, Samsung NEXT, Chorus One, GSR, C2X, CRIT Ventures, Akash Network, Unanimous Capital, Strangelove Ventures, Tess Ventures, Merit Circle, Hustle Fund, Polymer, Zaki Manian, Jae Kwon, Garrette Furo, Alex Shin, Nick Tomaino and others participated. Saga can be customized for developers to meet their needs with a dedicated blockchain that can be used as an extension solution to Layer 1 and Layer 2. The company plans to release a test network in the next few months and launch the main network and Token in 2023. Link to original article:https://www.theblockcrypto.com/post/147770/saga-raises-6-5-million-to-build-scalable-chainlets-for-web3-developers 15. Voyage Finance | Pre-seed round raises $1 million｜Led by Delphi Ventures On May 20, Voyage Finance closed a $1 million pre-seed round led by Delphi Ventures, with participation from Darryl Wang, head of BlockchainSpace, PathDAO, DeFiance Capital, Gabby Dizon, co-founder of Yield Guild Games, and Sam Kazemian, founder of Frax Finance. Voyage Finance focuses on providing DeFi services to blockchain gaming guilds and gamers, with its first partner being Avalanche on-chain game Crabada. Link to original article:https://www.techinasia.com/sg-fintech-firm-bags-1m-offer-loans-guilds 【NFT】 16. Tally Labs | Raising $12 million｜Led by a16z Crypto On May 18th, Web3 media company Tally Labs closed a $12 million seed round led by a16z Crypto, with participation from Sterling VC, Dapper Ventures, Roham Gharegozlou (CEO of Dapper Ventures), Odell Beckham Jr, Allyson Felix and others. Link to original article:https://cointelegraph.com/news/tally-labs-strive-to-expand-decentralized-content-ecosystem-with-12m-funding 17. Pine Protocol | Seed round funding of $1.5 million｜Led by Amber Group On 18 May, Pine Protocol, a license-free NFT encrypted lending protocol, announced the completion of a $1.5 million seed funding round led by Sino Global Capital, Amber Group and Spartan Group, with participation from Alameda Research, Shima Capital, Impossible Finance and Gate Ventures. Alameda Research, Shima Capital, Impossible Finance and Gate Ventures. The new funding will be used to further develop the Pine platform and Pine Protocol, and add multi-chain support from Solana, BNB Chain, Avalanche and Fantom. Link to original article:https://twitter.com/PineLoans/status/1526902844942856193 18. UnicornDAO | Raising $4.5 million｜Yuga Labs and others participated On 20 May, NFT project UnicornDAO announced a $4.5 million funding round with participation from World of Women and the Moonbirds NFT series, MoonPay, Polygon and Yuga Labs. The project aims to empower female and LGBTQ NFT creators and the funding round will be used to advance the work of DAO, with initial investors gaining a seat on the board. Link to original article:https://www.coindesk.com/business/2022/05/19/unicorndao-raises-45m-to-empower-women-and-lgbtq-nft-creators/ About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada. Website: https://www.cgv.fund/ Twitter: https://twitter.com/CGVFOF Medium:https://medium.com/@CGVFoF

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

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

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

The crypto market is entering a new torrid time, with most investors leaving the market one by one, although the crypto primary investment market remains confident, with investment institutions focusing their resources on the infrastructure sector. CGV, in association with Cointelegraph Chinese, has put together a list of the notable pitches of the week in the global crypto market. The following is a summary of the global crypto market’s funding and investment news from 2 May — 8 May 2022. 【Infrastructure】 1. Decrypt | Raising $10 million｜ConsenSys and others participated On May 3rd, crypto news outlet Decrypt announced the closing of a $10 million funding round with participation from ConsenSys Inc, Hack.VC, Hashkey Capital, IOSG Ventures, Canvas Ventures, Protocol Labs, SK Group and others, valuing the investment at 50 million. At the same time, the media will be independent from ConsenSys Mesh. Link to original article:https://decrypt.co/99237/decrypt-raises-10m-in-funding-spins-out-from-consensys-mesh 2. Syndicate | Raising $6 million｜a16z and others participated On May 3, Syndicate, a decentralized investment platform, announced a $6 million funding round with participation from a16z, South Park Commons, Carta Ledger, OpenSea, Circle Ventures, Polygon, United Talent Agency, CoinList, FalconX and others. Link to original article:https://www.theblockcrypto.com/linked/144788/syndicate-raises-6-million-to-grow-decentralized-asset-management-platform?utm_source=cryptopanic&utm_medium=rss 3. Kevin | Series A financing of $65 million｜Led by Accel On May 3rd, Kevin, a fintech startup, announced the completion of a $65 million Series A funding round led by Accel, with participation from Eurazeo, OTB Ventures, Speedinvest, OpenOcean, Global Paytech Ventures and angel investors including 20VC founder Harry Stebbings, Ilkka Paananen, CEO and co-founder of Supercell, Amitabh Jhawar, former CEO of Venmo and others. Kevin provides users with an advanced account-to-account payment infrastructure solution designed to eliminate unnecessary intermediaries in the payment process. Link to original article:https://www.theblockcrypto.com/linked/144841/payments-startup-kevin-rakes-in-65-million-series-a?utm_source=twitter&utm_medium=social 4. Bundlr Network | Seed round funding of $5.2 million｜Led by Arweave and others On May 4, Bundlr Network announced the closing of a $5.2 million seed round led by Framework Ventures, Hypersphere Ventures, Arweave Team and Permanent Ventures, with participation from OpenSea and Race Capital. and others. Bundlr Network is a multi-chain extension solution based on Arweave, and the project team is currently building a set of tools designed to make it easier for users to upload and access files on the Arweave network. Link to original article:https://twitter.com/BundlrNetwork/status/1521872015673675779 5. Pangea Fund | Raised $85 million｜Alameda Research and others participated On May 4, crypto hedge fund Pangea Fund announced the official launch and closing of an $85 million funding round with participation from Bain Capital, ParaFi, Alameda Research, and angel investors including USV co-founder Brad Burnham, Apollo Global Management co-founder Josh Harris, Multicoin Capital partner Kyle Samani, and others. Link to original article:https://www.bloomberg.com/news/articles/2022-05-04/crypto-wunderkinds-secure-85-million-to-start-own-hedge-fund?srnd=cryptocurrencies-v2 6. Prisma | Series B funding of $40 million｜Led by Altimeter On May 4, Prisma, an open source data platform, announced the completion of a $40 million Series B funding round led by Altimeter, with participation from Amplify Partners and Kleiner Perkins, and angel investors including Vercel, PlanetScale, GitHub and SourceGraph, among others. Prisma is an open source data platform. Prisma is an open source data platform that aims to bring developers, data owners and infrastructure teams together to share data across organisations and teams, addressing barriers in the development process between front-end and back-end teams and between data engineers, developers and business analysts. Link to original article:https://www.prisma.io/blog/series-b-announcement-v8t12ksi6x 7. Copper | Series A financing of $29 million｜Led by Fiat Ventures On May 5th, Copper, a digital banking provider, closed a $29 million Series A round led by Fiat Ventures with participation from Panoramic Ventures, Insight Partners, Invesco Private Capital and others. copper aims to enable its customers to channel money from their accounts Copper aims to enable its customers to channel money from their accounts into a ‘wide range’ of investments — from equities to mutual funds to cryptocurrencies. Link to original article:https://techcrunch.com/2022/04/26/teen-focused-banking-and-investing-app-copper-raises-29m-grows-to-over-800000-users-in-less-than-a-year/?guccounter=1&guce_referrer=aHR0cHM6Ly9mb3Jlc2lnaHRuZXdzLnByby8&guce_referrer_sig=AQAAAI5FK2gkTlVR0ASmGJ2B6-L_MlaRofw 8. VirgoCX | Raised $7.8 million｜Led by Draper Dragon On May 6, VirgoCX, a Canadian digital asset trading platform, closed a C$10 million ($7.8 million) round of funding led by Draper Dragon, with participation from Cobo Labs, OKX Blockdream Ventures, Molecular Group, Sora Ventures, How Link Investment and others. The funding will be used to advance the internationalization process, product development and other areas. Link to original article:https://cointelegraphcn.com/press-releases/virgocx 【DeFi】 9. Masa Finance | Seed round funding of $3.5 million｜Unshackled Ventures and others participated On May 4, DeFi lending agreement Masa Finance announced the closing of a $3.5 million seed funding round with participation from Unshackled Ventures and Lateral Capital, GoldenTree Asset Management, Decentranet Intersect VC, Peer VC, Alves Ventures and others. Link to original article:https://techcrunch.com/2022/05/04/masa-finance-gets-3-5m-pre-seed-to-build-its-decentralized-credit-protocol/?tpcc=tcplustwitter 【GameFi】 10. Team DAO｜Series A financing of $5 million｜Led by Krust Universe On May 4th, crypto gaming guild Team DAO announced the completion of a $5 million Series A funding round at a valuation of $48.88 million. The round was co-led by Krust Universe and Animoca Brands, with participation from Great South Gate, Shima Capital, Anti Fund, Algorand, GSR Capital, NGC Ventures, Libra Ventures, Nexo Capital, EX Capital, Coinhako, Octava and others. The new funding will be used to further develop TEAM’s technical infrastructure and expand the team and player base. Link to original article:https://medium.com/teamdao/t-e-a-m-dao-raises-series-a-round-led-by-krust-universe-and-animoca-brands-ec8fd3dac839 11. LootRush｜Seed round financing US$12 million｜Led by Paradigm On May 5th, gaming platform LootRush closed a $12 million seed funding round led by Paradigm with participation from Andreessen Horowitz (a16z), Y Combinator and others. LootRush provides a quick launch platform for blockchain games and also offers NFT leasing for games, aiming to lower the barrier for new gamers and earn revenue for NFT owners. Link to original article:https://www.coindesk.com/business/2022/05/05/paradigm-a16z-back-12m-round-for-blockchain-game-platform-lootrush/ 12. InfiniGods｜Seed round funding of $9 million｜Led by Pantera Capital On May 5th, InfiniGods, a chain game development studio, closed a $9 million seed funding round led by Pantera Capital with participation from Framework Ventures, Jefferson Capital, Animoca Brands and Double Peak. The funding will be used to release three games in 2022, including an NFT with in-game utility. Link to original article:https://www.theblockbeats.info/flash/80387?search=1 13. Untamed Planet｜Raised $24.3 million｜Led by Animoca Brands On May 5th, Untamed Planet, a 3D immersive game based on the metaverse and NFT concept, closed a $24.3 million funding round led by Animoca Brands. As part of the partnership, Untamed Planet and Animoca Brands will reportedly develop and co-publish the metaverse chain game Untamed Metaverse, which will be developed by Animoca Brands subsidiary Nway. Link to original article:https://venturebeat.com/2022/05/05/untamed-planet-raises-24-3m-for-nature-oriented-nft-games/ 14. Cometh｜Raised $10 million｜Led by Ubisoft On May 5th, French chain game studio Cometh closed a $10 million seed funding round co-led by White Star Capital, Ubisoft and Stake Capital, with participation from Serena Capital, Shima Capital and IDEO Colab Ventures. Link to original article:https://www.theblockcrypto.com/linked/145206/french-blockchain-gaming-studio-bags-10-million-in-seed-funding 15. Ready Games｜Raised $3 million｜Led by BITKRAFT On May 6th, Web3 gaming infrastructure Ready Games announced a $3 million funding round through AURA Token sales, led by BITKRAFT and Hashed, with participation from Tribe, IOSG, Spartan, Mapleblock Capital, Polygon and others. The funding round will be used to develop the Web 3 mobile games division. Link to original article:https://www.coindesk.com/business/2022/05/06/ready-games-raises-3m-to-bring-web-2-gaming-to-the-web-3-world/ 【NFT】 16. Americana Technologies｜Seed round funding of $6.9 million｜Led by 776 Management On May 3rd, NFT startup Americana Technologies closed a $6.9 million seed round of funding led by leading venture capital firm 776 Management, with participation from NFT marketplace OpenSea and others, and angel investors including rapper Future. Founded in 2021, Americana Technologies helps brands and creators transform physical goods such as streetwear, collectibles, cars and artwork into NFTs. Its core product is an NFTA universal chip that connects to a physical object and links that object to the blockchain. Link to original article:https://techcrunch.com/2022/05/03/americana-chip-turns-objects-nfts-funding-ohanian/ 17. Immi｜Seed round funding of $50 million｜Paris Hilton and others participated On 5 May, the animation creation app Immi announced its official launch on the App Store and received investment from 11:11 Media, the media content company and platform created by Paris Hilton, Mark Cuban, Tony Robbins, Eric Yuan, founder of Zoom, singer Pitbull, one of the top 100 DJs in the world Steve Aoki (Master Tide) and NFT investor GMoney. According to sources cited by Reuters, the company’s seed funding round valued immi at $50 million. Immi allows creators to animate content using only their facial expressions after selecting NFT characters, and plans to launch its own NFT characters. Link to original article:https://www.nftgators.com/mark-cuban-paris-hilton-pitbull-back-metaverse-app-immi-at-50m-valuation/ 18. Zora｜Raising $50 million｜Led by Haun Ventures On 6 May, NFT trading marketplace Zora closed a $50 million round of funding at a $600 million valuation, led by Haun Ventures with participation from Coinbase Ventures, Kindred Ventures and others. Link to original article:https://www.theblockcrypto.com/linked/145358/nft-marketplace-zora-raises-50-million-in-round-led-by-haun-ventures About CGV FoF: CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada. Website: https://www.cgv.fund/ Twitter: https://twitter.com/CGVFOF Medium: https://medium.com/@CGVFoF

In the tide of encryption technology, Crypto Review came into being. Initiated by cryptogram venture (CGV)FoF, with the purpose of “providing in-depth value reference for global encryption practitioners”, crypto review is committed to providing meticulous industry insights, the best investment and research practice guidance to encryption professionals and enthusiasts all over the world, And expand the positive impact of encryption consensus on more institutions and the wider population. Crypto Review is not for profit and adopts the recommendation and invitation system. The content covers: 1. Encryption trends. Pay attention to the technology, management, industry and even macro factors that will affect the behavior of the encryption industry; 2. Overview of the track. Share the latest Overview Research and analysis based on a specific vertical field; 3. Project analysis. Comprehensively and deeply interpret the early dark horse project and star project, and systematically interpret their design concept and mode. The following is a selection of crypto review articles (Mar 2022) TRENDS Energy Cancelled CR Recommendation The author Hayes has worked in Deutsche Bank and Citibank for many years and founded the famous Bitmex exchange. He has a deep understanding of how to build and trade financial derivatives. Compared with other researchers, Hayes may be the crypto practitioner most sensitive to how the macro economy affects the crypto market. For the recent US sanctions against Russia and the freezing of foreign exchange reserves, Hayes believes that this will lead to the decline of fiat currencies such as the US dollar, which is good for gold and Bitcoin. His prediction is more radical: the value of a Bitcoin will reach millions of dollars, and an ounce of gold will be worth thousands of dollars. Web3’s Mobile Moment CR Recommendation Do we remember how mobile devices began to change the Internet and the economy as a whole? Maybe most people have forgotten. Many trends occur imperceptibly. If Web3 wants to have the same scale as the Internet, what scenarios will it break through first? The author lists geolocation NFT, augmented reality Web3 games, things involving augmented reality and NFT, social Web3 wallets, highly visual “lot bags” and NFT galleries. This may give you some inspiration. The Missing Link Between Web2 and Web3: Custody CR Recommendation Fully controlling your digital assets is one of the most attractive places of Web3, and it is also one of the biggest thresholds for new crypto users. Today, centralized exchanges like Coinbase have proved the effectiveness of the “custody” model in crypto token trading. The author believes that Web3 products cannot expect users to jump into the tide of decentralization from the familiar centralized experience in one step. Indeed, there may be a middle ground in the alternation of anything. 7 Potential Impacts of Ukraine War on Crypto CR Recommendation “The first crypto war in the world”, the Washington Post commented on the Russian Ukrainian war. In my opinion, the recent war in Ukraine will rewrite or accelerate the historical process of crypto to a certain extent. Another thing most people ignore is that Ukraine legalized cryptocurrency before the war with Russia. This time point seems a little subtle. The author comprehensively analyzes the seven impacts of the war in Ukraine on the crypto world. Perhaps we will encounter these predictions soon. In short, the market will continue to fluctuate in the short term, and crypto market will benefit in the long term. FIELDS Yield Farming for Serious People CR Recommendation In essence, DeFi investors are not much different from traditional investors. Both take risks, provide value and reap rewards. This article studies revenue farming from the perspective of basic principles to obtain compound returns from the operation of encrypted assets. It illustrates the most basic value exchange in the whole mining process. In the author’s opinion, DeFi investors passively provide five forms of value: operating the network, providing loans, providing liquidity, management agreements and promotion agreements, and the resulting rewards are jointly provided by the protocol owners, users and investors. On-chain identity landscape CR Recommendation The concept of DID (decentralized identity) has existed for several years. Some organizations such as DIF and W3C tried to establish DID standards, but the early definition mainly focused on establishing authentication systems through cryptography. With the rise of NFT, GameFi and more forms, users need to add more data on the chain to did to enrich their decentralized identity, which gave birth to a new identity track on the chain. With the further enrichment of crypto ecology, Web3 identity will also become an indispensable and important module of crypto ecology. NFT Index Methodology CR Recommendation Nansen is positioned as an “on chain analysis platform for encryption traders and investors”, its core competitiveness is mainly data analysis and processing capabilities. The launch of Nansen NFT index will become a new data vane in NFT market. How to use Nansen to find the most potential NFT projects in advance? This paper gives a detailed description. Through these six indexes, all users can explore and diversify into different areas of NFT market. It can be said that the password of NFT investment is among them, which is worth collecting and studying. Play-to-Earn Guilds: A breakdown by Impossible Finance (Excerpt) CR Recommendation There is a saying that P2E guild is the real promoter of the fire of Play-to-Earn (P2E) games. The P2E guild has achieved great success in helping Axie Infinity and other P2E games expand, enabling them to accumulate token assets for reinvestment and expansion. Nowadays, P2E track is not only in the white hot competition of the game, but also faces great competition from P2E guilds. Impossible research has conducted a comprehensive analysis of eight P2E guilds such as YGG, which has a good guiding significance in terms of investment, cooperation and even choosing P2E games in the future. PROJECTS Common pitfalls for Web3 founders CR Recommendation This article is a “Step-By-Step Guide” written by the author to the founder of Web3 project. Whether it’s obsessed with marketing, expanding too fast or too early, or how to recruit the right talents to join the team, Qiao Wang almost gives the standard reference answer with practical experience. As the author’s original intention of writing this article is “open source it, because it may benefit thousands of aspiring new Web3 founders”. I believe you will gain something after reading it. Even if you are not the founder of the project, a lot of methodological thinking is also very valuable. How to run a diligence process for an early-stage crypto investment CR Recommendation Compared with Web2, the early investment of Web3 requires new thinking patterns and standards. At present, the author’s organization paradigm has established the world’s largest crypto fund. Combined with his own industry experience, the author lists the realizable paths to investigate and study early encryption projects. Each seems simple and concise, but it really takes a lot of effort to achieve it, such as talking with users; Why publish now and so on. In short, only through better investigation and research can help us to find more valuable projects at an earlier time. For more information, please refer to Crypto Review (Mar, 2022). Just click: Crypto Review (March2022) 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.

by Shigeru, CGV FoF Research Fellow The most fascinating thing about the encryption industry is that it is never short of innovative narratives. In the first quarter of 2022, although the encryption industry had been affected by uncertainties such as the Ukraine-Russia war and the Fed’s interest rate hike expectations, the continued popularity of “Move-to-Earn” projects such as STEPN and Genopets gave a boost to the entire industry. The “Move-to-Earn” mode was quickly recognized by users and well received by the market. Move-to-Earn is similar to Play-to-Earn. Put simply, real physical movement data is tracked through a smartphone or wearable device and mapped into the project. If certain task requirements are met, players can obtain corresponding rewards. For example, in a running application, users can obtain token rewards if they meet task requirement of, say, 5,000 steps. CGV Research has conducted in-depth analysis and discussion on the “Move-to-Earn” mode and representative projects. We are very excited about the bold exploration and practice of STEPN and other projects in the fields of Web3, encryption, and traditional markets. We firmly believe that the Move-to-Earn track is a brand-new track that is different from other X-to-Earn tracks. It has just started and will become a huge blue ocean market in the future. Fitness: An Excellent Scenario for Web3 Encrypted Applications to Reach Beyond the Circle For practitioners in the encryption industry, how to apply encryption technology to Web3 so that more users can access encrypted applications and encrypted digital assets is one of the difficult problems they have been trying to solve. After all, only when new users enter the encryption industry and take up business of new market can the encryption market grow bigger. Many fields such as education, socializing, and entertainment have been trying to adopt the combination of Web3 and encryption technology. But in the view of CGV, fitness market that Move-to-Earn relies on has a broader user base and room for development. Fitness may be an excellent scenario for Web3 encrypted applications to reach beyond the circle at this stage. Fitness is a form of communication across borders, races, religions and cultures. Just as the Olympic spirit “faster, higher and stronger” advocates, fitness is the universal value of human society. In terms of statistics, the people engaged in fitness constitute a huge user group: more than 1 billion people choose walking, jogging or running as a form of exercise; the number of users of running applications worldwide reaches 400 million; and in 2021, the number of people engaged in fitness in China exceeds 3 billion, etc. If Move-to-Earn can turn people engaged in fitness into users, it can attract millions, and even tens of millions of people, into the Web3 and encryption market. Online fitness market grows rapidly. Since the outbreak of COVID-19 in 2020, more and more people have paid attention to health and adopted new ways of fitness. Online fitness has become the first choice for users thanks to its convenience, data-based monitoring effects, and dynamic usage analysis. According to Runrepeat, the global online fitness market is expected to reach $59.231 billion by 2027, growing at a CAGR of 33.1% from 2020 to 2027. Users of online fitness applications are all potential users of Move-to-Earn. Fitness is in line with the era theme of carbon neutrality and environmental protection. The original intention of the Move-to-Earn project is to encourage users to engage more in fitness. While exercising, they also indirectly participate in environmental protection, making their own contributions to the advancement of the global carbon neutrality cause. For example, users can walk for 30 minutes to work instead of driving for 10 minutes. It is believed that the low-carbon lifestyle advocated by Move-to-Earn will be accepted by more people. Experiences and lessons about Web2 fitness applications. Web2 fitness application is already a big market. As the market demand for smart watches and wearable devices keeps increasing, App developers constantly introduce new tools and functions, boosting the market vitality of fitness application software. Here, a running App “Interesting Walking Chain” (IWC) is worth mentioning. It was established in June 2018, and the number of registered users in China alone once exceeded 70 million. But its core business mode is a Ponzi scheme that pays dividends to existing investors with funds collected from new investors, and the project ended in abscondence with the money. Although IWC is a negative example, it can be seen from the development trajectory that once the door of the Move-to-Earn fitness market is opened, there will be a large influx of users. Market gap and user needs of the fitness market are clear. From CGV’s point of view, users who have a demand for fitness App can be roughly divided into two categories. The first category is users who have fitness plans but have difficulty adhering to them. For many people who have a fitness plan, their subjective willingness and enthusiasm to exercise may not be strong, and therefore it is not easy to stick to the habit, resulting in unsatisfactory fitness effect. Appropriate incentive feedback can help individuals stick to the plan. The second category is users who have cultivated fitness habits. For fitness enthusiasts, the additional benefits generated by exercising can help them develop new behavioral habits and maintain a certain stickiness to the habits. For those users who have already reaped benefits in the Play-to-Earn mode, they will certainly hope to earn more in the new Move-to-Earn mode. This group of users will also be important participants in the Move-to-Earn mode. Move-to-Earn does not Belong to, nor is it Equal to Play-to-Earn In the encryption circle, many media and KOL tend to classify Move-to-Earn into the GameFi market category, and even equate it to a variant or derivative of Play-to-Earn. However, after comparing game attributes, user habits, product competition, and the ultimate user experience, CGV Research believes that Move-to-Earn does not belong to, nor is it equal to Play-to-Earn. The two are quite different from each other in the following aspects: First, one is game, while the other is gamified product. Whether it’s Axie Infinity’s hyperbolic token economic model, Loot’s unique “bottom-up” game narrative, or StarAtlas’ spectacular interface and engine, these projects are typical of Play-to-Earn. Play-to-Earn encourages players to earn income through games, that is, players provide labor (in the form of time and energy devoted into the game) and capital (usually need to buy NFT to participate in the game), and obtain token rewards after making achievements and progress in the game. Game is addictive, and many GameFi games have complicated rules that make the game difficult to understand and play. Gamification is a form of expression that is different from game but adopts game rules. In other words, gamification is just a feedback effect logic extracted from game rules. Advocating investing in health, the Move-to-Earn project develops products and operates them with the idea of “gamification”. When designing and developing many Move-to-Earn products, it is necessary to strike a balance between gamification, token economy and App operation. In this case, developers will further weaken the elements of game, because they can make the game difficult to understand or operate. Second, one competes for user play time, while the other competes for unit time efficiency. For the Play-to-Earn project, if you choose to play Axie, you basically cannot play other games at the same time, and the total amount of time each player spends on the game is limited. As one needs to work and sleep with only a few hours left for game, very few people can play 2 or 3 games well. For the Move-to-Earn project, if you have chosen application A, you can still choose application B at the same time and get more benefits. Let’s call it the “double mining” of fitness mining. Just imagine, when you are running, you can get two, three or even more benefits at the same time, and all you need to do is to keep a few applications running at the background. So, why not? Here is a simple example to help you understand: the competition between Play-to-Earn projects is similar to that between Facebook and TikTok; while the competition between Move-to-Earn projects is similar to that between Ethereum mining machine and ETC mining machine. The core difference between the two is as below. Play-to-Earn competes for the total amount of user play time, which belongs to competition in the existing market (everyone’s leisure time for game is limited). In this case, rate of return is the key to competition as high rate of return helps to win more users. While Move-to-Earn competes for the efficiency of user unit time, which belongs to competition in the new market (no upper limit on the number of superimposed products per unit of time). In this case, product experience is the key to competition as a good product experience can help users cultivate usage habits. In accordance with the above logic, the room for market growth of Move-to-Earn (maybe several times, even dozens of times) is much larger than that of Play-to-Earn. Third, one pursues fitness, while the other pursues spiritual pleasure. The carrier of Play-to-Earn is the game, which requires players to stare at the screen for a long time and perform manual operations. In addition to the token income, there is also spiritual pleasure. But in fact, Play-to-Earn leaves players with more tedious click of pages designed with almost the same mechanism than joy in the game itself. Move-to-Earn frees the player’s hands and eyes, and fully mobilizes the user’s enthusiasm for movement. Regardless of the benefits, the effects of physical exercise are real. However, users of some Move-to-Earn projects “exercise too much”, resulting in problems such as broken feet, knee injuries, muscle strains, etc. In addition, although the effects of fitness and spiritual pleasure are all difficult to quantify, the social resistance encountered by each user is completely different. Your family or friends will understand and encourage you to engage in fitness, but if you keep playing games, I believe it is more likely that people around you will persuade you not to “indulge in games”, even if you argue “I’m not playing games, I’m making money. “ Where’s the Room for Move-to-Earn Rivals after STEPN Became Popular? When it comes to Move-to-Earn in 2022, we have to mention STEPN. Objectively speaking, without the explosive growth of STEPN, the Move-to-Earn track may not have aroused public attention so quickly. The CGV team has prepared some public market data to give a brief review of STEPN’s short but glorious history: In January 2022, as the first Move-to-Earn NFT game on Solana, STEPN announced the completion of a $5 million seed round with Sequoia Capital India and Folius Ventures as lead investors, making it a big name for a while; in March, Binance Launchpad announced the launch of STEPN governance token GMT. In less than a month (as of this writing), the price of GMT rose from $0.001 to $2.8, an increase of about 280 times, and the peak FDV exceeded $16 billion. Just seeing these numbers, many people will unconsciously classify STEPN as a type of project controlled or coerced by capital giants, but in fact, as CGV noticed, more details that may not be paid attention to seem to be uncommon in the encryption circle: — — STEPN’s App once ranked fourth in the Japanese application market, and third among US fitness Apps; — — In the two weeks from March 16th to 30th, the number of token GST addresses consumed by STEPN increased from 31k to 78k; — — STEPN governance token GMT surpassed BTC in 24-hour trading volume on Binance Exchange on March 30. To sum up, both operational data and transaction data reflect the strong momentum of STEPN’s further development. No wonder Scott Dunlap, vice president of Adidas, praised STEPN many times on social media: “STEPN will become the dark horse of the industry in 2022” and “more people will be obsessed with STEPN”. In my opinion, STEPN’s success today can be attributed to the convergence of developments in blockchain underlying technology, token economic system, NFT market, etc. and it fully enjoys the dividends of the development of the encryption industry. First, it is based on the latest development of the blockchain infrastructure layer. One example is the improvement of public chain performance. The Solana public chain preferred by STEPN is known for its high scalability, fast execution speed and low cost. This guarantees reliable interaction of STEPN functional modules, NFT and digital assets, and ensures a smooth user experience. This undoubtedly greatly narrows the user experience gap between Web2 and Web3. Just imagine, if STEPN was launched directly on Ethereum two years ago, repairing a sneaker would cost 30 minutes to execute command, and dozens of dollars. How discouraging? Second, it is based on the development of the dual-token model and economic system design of Play-to-Earn. As the representative of Play-to-Earn, Axie has created a dual-token model and economic system design. If you’ve played so-called free mobile games, you’ll understand the gold and diamond system. Gold coins are not valuable, diamonds are the real scarcity, you have to work very hard to get them, or you can buy diamonds directly with fiat currency. One of the most interesting parts of STEPN’s profit model is the dual token system. The logic of gold coins and diamonds is replaced by GST and GMT respectively. While players can get both, GMT is in limited supply, of higher value, and more difficult to acquire. In contrast, GST is the fuel that players consume to do different tasks in the game. Third, it is based on the continuous explosive growth of the NFT market and the extensive education of users. In 2021, driven by factors such as celebrity effects (such as Madonna and other stars buying Bored Apes for more than $500,000) and the popularity of metaverse, the collection of digital avatars became hugely popular and ignite the entire NFT market. According to NonFungible data, the transaction volume of NFT reached $17.6 billion in 2021, a 210-fold increase from $82 million in 2020. NFT energy is intoxicating. Numerous startups, multinational corporations, A-listers, Hollywood studios and many others came together to discuss and celebrate the disruptive potential of NFT in their respective fields. And today, this trend shows no sign of slowing down. If there is no explosive growth of NFT project and NFT market education, how difficult it would be to convince a user to spend nearly 1,000 US dollars to buy a pair of virtual NFT running shoes, and that two pairs of running shoes would mint new running shoes? You know, until 2021, they all seem to be ridiculous jokes. The popularity of STEPN has stimulated many competing products. However, no single project can monopolize a track. STEPN also has its own “Achilles’ heel” and it’s not perfect. CGV believes that new breakthroughs may be possible in the following directions for Move-to-Earn competitors: First, duplicate STEPN. It sounds bizarre, but think twice, and it seems to be a probably feasible direction. As mentioned above, in the “Move-to-Earn App” mode, when two mining machines (Move-to-Earn App) of the same model and power are powered on at the same time, the benefits are superimposed with no influence on each other. Second, support more scenarios. STEPN currently only supports limited outdoor fitness scenarios such as walking and running. It needs to be connected to the GPS system. It does not cover outdoor scenarios such as cycling, mountaineering, and skiing. It also cannot support related data for indoor fitness such as treadmill exercise, etc. These are all potential opportunities. Third, lower the threshold for users to use. At present, STEPN users entering the world of Move-to-Earn need to spend at least 800U to buy shoes, which is not a small expense for many users. If they can experience the App with a cost equal to a few cups of coffee, it will be easier for them to get involved. Although STEPN plans to enable rental function, no specific details have been revealed yet, and we will continue to keep an eye on that. In addition, it is also very important to develop more ways of interaction between fitness and socializing. CGV believes that Move-to-Earn may be the easiest way to get to SociaFi. The generated data pictures of fitness App visualize the fitness. Social platforms such as Facebook and Instagram provide a coordinated self-display stage for the fitness population. Therefore, the combination of fitness with socializing will bring huge user stickiness and faster fission speed to the Move-to-Earn project. Move-to-Earn’s “First Half” Risks and “Second Half” Opportunities Whether it’s GameFi, Play-to-Earn project, or X-to-Earn project, they all have their own cycles, ranging from weeks to months or even years. Will the Move-to-Earn project be a “flash in the pan” as the popularity drops, prices drop, old players get bored, or numerous imitations pop up? CGV believes that the development and effective operation of the economic system is the key for the Move-to-Earn project to making breakthroughs in the bottleneck period and further opening up new prospects. In a simple analogy, we can compare the economic system to a cistern. If the amount of water flowing into the cistern (the total cost of the user for the project) exceeds that of the water flowing out of the cistern (the total revenue the user gets from the project), the economic system can rely on internal circulation for continued functioning. In the same way, for a certain Move-to-Earn project, if there are more users who make money than users who spend money, then this is a game of “left foot on right foot” in which the money earned by users must be the money lost by latecomers. In addition, the speed of water flowing in and out needs to be strictly controlled to prevent the water from flowing out too fast within a certain period of time and causing the reservoir to dry up. The root cause of the failure of previous projects such as IWC also follows the above logic. The gameplay of IWC is that players need to invest in scrolls and generate candy tokens through scrolls and activity. At the end, the game became a relay race to attract more latecomers. Candy tokens were continuously issued without consumption scenes, and as a result, the price fell sharply, resulting in stampede collapses and the reservoir dried up. For projects that adopt the “dual currency mode” such as Axie and STEPN, in terms of economic model, the balance mechanism of token minting and destruction is gradually explored, which provides an important foundation for the inflow and outflow control of the water speed of the reservoir. For example, STEPN creates a variety of scenarios for the consumption of GST tokens and governance tokens GMT to facilitate use, such as using GST to upgrade shoes, speed up the upgrade time, repair shoes, synthesize new shoes, etc.; at the same time, control the output of GST and GMT to reduce selling pressure. It is difficult for players to simply seek rent through mining and selling, and asset returns are implicitly limited and diversified. This prevents the project from falling into a death spiral to a certain extent. CGV believes that the Move-to-Earn boom has just begun, and the “second half” of Move-to-Earn is about to start. In the next few months or 1–2 years, we may see the following new changes: The first encrypted application with tens of millions of users will be born. In 2022, the trend of Move-to-Earn will sweep across the entire Web2 and Web3 fields. Whether it is encryption users, fitness experts or KOL from all walks of life, they will all be moving with this trend and will spontaneously promote it. Play-to-Earn’s Axie was once very popular in 2021, capturing millions of users, and Move-to-Earn’s users will greatly exceed that number. After all, the number of people walking and running is much larger than that of people who play krypton gold games. “Fitness as mining” has become the classic mode of X-to-Earn. Fitness may be the best application scenario for X-to-Earn. The Move-to-Earn mode makes the concept of “fitness as mining” popular with the people. Coupled with the exploration and practice of a series of applications represented by STEPN in the token economic model, it has set an example for more scenarios to explore the X-to-Earn mode. At the same time, as more Move-to-Earn projects will be launched, they will provide users with more diverse and personalized options for fitness incentive “mining machine”. The cooperation between encrypted applications and traditional business has entered a new chapter. The encryption movement is rapidly entering mainstream business. Not only are traditional financial institutions investing capital in crypto assets, but many mainstream consumer brands are embracing NFT, such as Visa buying CryptoPunk, and Coca-Cola and McDonald’s launching NFT souvenirs. The Move-to-Earn application scenario is not only applicable to traditional business partners such as fitness hardware, App, clothing and apparel brands, and luxury fashion brands, but also fully integrates encryption economic elements such as NFT and encrypted assets, opening up new possibilities for the cooperation between traditional business and encrypted applications. A16z co-founder Chris Dixon said more than a decade ago that “the next big thing will start out looking like a toy.” Move is boring and repetitive, but Move-to-Earn is a kaleidoscope. Perhaps, we can catch a glimpse of the prototype of the “next big thing” Web3 application from the innovation of Move-to-Earn. 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. Twitter: @CGVFOF Medium: @CGVFoF