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How Funding and Strategic Partnerships is Driving the Web 3 Movement

Cryptocurrency Aug 04, 2022 08:00AM ET
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How Funding and Strategic Partnerships is Driving the Web 3 Movement
 
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According to a report by Emergen Research, the Web 3 market hit $3.2 billion in 2021 and is projected to hit a whopping $81.5 billion by 2030. The growing potential of the Web 3 market has attracted the attention of VCs in the blockchain space. A report by Cointelegraph revealed that Web led the VC funding in blockchain in the Q2 of 2022.

As a new frontier in the blockchain space, Web 3 funding and strategic partnerships have played a crucial role in driving the market. Without the finance and right alliances, many of the Web 3 projects we hear about today wouldn't have made it. This article will explore some of the top Web 3 projects making waves with the right partnerships and funding.

ViCA Token Partnership with Octoverse
In the bid to expand their partnership in the Web 3 space, ViCA has collaborated with Octoverse in their upcoming metaverse and P2P ecosystem. The partnership aims to help build the Octoverse metaverse and its NFT projects. They will begin with a kart racing game that includes innovation in smart contracts related to dynamic NFTs. Interestingly, the game will become playable before it is even launched on Minecraft. To achieve their goal with Octoverse, ViCA has joined other leading 'players' in Web 3 in the investment round. ViCA is a blockchain-powered project building an e-wallet and e-commerce platform similar to paxful. The project also has an arbitrage trading solution called ViBot. According to the founding team, they plan to grow into the metaverse and all Web 3 domains systematically. ViCA is also the first producer of a blockchain-run vending machine in Korea.

On the other hand, Octoverse is an innovative NFT project with utility ready before launch. The platform is designed to give power back to the creators and artists. The traits of its dynamic NFTs change based on players' performance; hence they will become rarer as players play the series of NFT games within the Octoverse ecosystem.

2. Polygon Partnership with Web3bridge
Polygon, a decentralized Ethereum scaling platform, partnered with Web3bridge to fund a blockchain developers program. Launched 3 years ago, Web3bridge aims to identify Web 3 passions and create an African Web 3 community. The Web3bridge program is designed to nurture web 3 and blockchain developers. By partnering and sponsoring the Web3bridge program, Polygon is further entrenching the consciousness of Web 3 and its potential in Africa and the world in general. As a big player in the Web3 space, Polygon, the 2022 Polygon Consensus event was designed to showcase the innovation of Polygon and how it is repositioning to provide a multi-edged future for Web 3. The Web3bridge program started with only about 500 Nigerian developers for Ethereum, but it has grown to over 2000 developers trained in Web 3 blockchain development.

3. GuildFi and Binance Smart Chain
GuildFi, an intertwined Web3 ecosystem of games, non-fungible tokens, and communities, has secured investment funding from BSC’s $1 billion Growth Fund. They are also looking to enable multiple metaverse projects to interact and function with one another within the ecosystem by creating innovative features and seeking out strategic gaming partnerships. The financial support from Binance Smart Chain will enable GuildFi to enjoy the extensive ecosystem of resources from BSC, games, and users. This will help ensure GuildFi’s vision in the Web 3 space is accomplished and the project enjoys a global reach.

4. QuickNode Partnership with Algorand
QuickNode, a platform building the basic facilities needed for the future of Web 3, entered into a partnership with Algorand earlier this year. Algorand prides itself as the world's most secure, decentralized, scalable, and green blockchain protocol. On March 15, 2022, the Algorand team released an official statement detailing its grant partnership with QuickNode. According to the CEO of QuickNode, Dmitry Shklovsky, they understand that scalability is one of the major problems facing blockchain development, and that is why their partnership with Algorand is a great one for the entire Web 3 community. QuickNode has made it easy to run blockchain nodes, allowing developers to pay more attention to the dApps they are developing and not worry about other things like DevOps/NodeOps. Currently, the QuickNode network processes more than 50 billion requests every month from at least 10 regions of the world. Algorand solves the blockchain trilemma with its Pure Proof-of-Stake (PPoS) protocol.

5. Alchemy Partnership with Solana
Alchemy, the Web 3 development platform and infrastructure provider, recently announced its partnership with Solana. This partnership will help support the Solana blockchain when its network experienceded a series of downtimes. A day after the Solana network was temporarily halted on June 1, 2022, Alchemy came out to announce its support for the embattled blockchain. The support enabled developers to use Alchemy's software applications and basic facilities in Solana-built applications. The support will also allow Solana Devs to enjoy reliability and scale while building with Alchemy. On the other hand, Alchemy devs will also enjoy speed and affordability while building on Solana.

Conclusion
As a third generation of the internet, the future of Web 3 is undoubtedly great, as more people favor the idea of a decentralized internet. Web 3 is like a cruise ship to the Bahamas, and everyone is trying to ensure they get on it. The funding and strategic partnerships amongst these Web 3 projects will be the catalyst needed for the global reach of the nascent technological creation.

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How Funding and Strategic Partnerships is Driving the Web 3 Movement
 

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