TBW - Why Web3 funds are springing up like mushrooms
The market downturn has in effect acted like a needle in the valuation bubble. "Prices had reached insane levels and the bear market has had its effect," confirms Ivan de Lastours, head of crypto and blockchain at Bpifrance, which is very active on these subjects.
Only a few months ago, some companies that had never delivered a single product could be valued at several tens of millions of dollars! How much have these valuations fallen since then? 10%, 20%, 30%, even 50%? It's always difficult to know. It all depends on the project and its potential. What is certain is that there are now many more opportunities, and funds are keen to take advantage of them.
They are not the only ones. In addition to falling valuations, the success of Web3 funds can also be explained by the growing appetite of traditional players. These "players" are banks, insurers and companies.
"It's a classic. Officially they're not doing anything, but in reality quite a few institutional players are interested in cryptos and Web3," points out Julien Bouteloup, the founder of Stake Capital, which has therefore invested in Trial's Web3 fund. "Institutional players want to do Web3, but not directly", agrees Luc Jodet, head of XAnge's Web3 fund. And they should be doing more and more of it in the coming months 👀.