September 10, 2024
Here is your Weekly wrap for the week ending September 7th, 2024 which saw disclosed crypto funding of $168m and 23 projects funded this week.
The funding amount consisted of numerous undisclosed amounts with 13 out of the 23 projects stating undisclosed funding, so although the funding amount this week is lower, it should be caveated that this week’s funding, compared to previous weeks could be similar if the undisclosed amounts were known.
Average funding in August 2024 was approximately $272m and 28 projects per week respectively, so funding this week is softer on both counts.
A Week in Crypto: AI Dominates, Gaming and Social Platforms Gain Momentum
The cryptocurrency market continues to evolve, with a particular focus on emerging technologies like artificial intelligence (AI), decentralized finance (DeFi), gaming, and social platforms. This week, we saw a surge in investments across these sectors, reflecting growing investor confidence in their potential.
Category | Project | Project Description | Money Raised this Round |
|---|---|---|---|
AI |
|
| 100,000,000 |
Decentralised AI Arena | - | ||
Ex-OpenAI co-founder creating a safe superintelligence AI | - | ||
Japanese AI research lab aiming to support Web3 | 100,000,000 | ||
Bitcoin |
|
| 30,000,000 |
Bitcoin Miner | 30,000,000 | ||
DeFi |
|
| - |
Scroll DeFi Ecosystem for Yields | - | ||
1st Exchange that lets you own (trade) 1 Bitcoin for $10 | - | ||
DEX on Scroll | - | ||
DePIN |
|
| 940,000 |
GPS DePIN | 940,000 | ||
FinTech |
|
| 2,000,000 |
Colombian fintech that provides financial services | 2,000,000 | ||
Gaming |
|
| 2,800,000 |
Move-to-Play Role-Playing Game | 2,800,000 | ||
Multiverse P2E Game Platform | - | ||
P2E Game on Base | - | ||
Investment |
|
| 5,000,000 |
Web3 Investment Opportunity Platform | 5,000,000 | ||
Layer 2 |
|
| - |
Platform Simplifying the Blockchain UX | - | ||
Restaking |
|
| - |
Liquidity Hub for BTC & ETH Restaking | - | ||
Rollup |
|
| - |
Optimistic Rollup utilizing zkEVM for Web3 dApps | - | ||
Security |
|
| 16,000,000 |
Web3 security firm that helps identify and prevent hacks | 16,000,000 | ||
Social |
|
| - |
Crypto Social Networking Platform | - | ||
SocFi video platform on Solana | - | ||
Web3 Social Platform and Infrastructure | - | ||
Web3 |
|
| 6,000,000 |
Hong Kong-based Fiat-referenced Stablecoin Issuer | 6,000,000 | ||
Web3 building Soneium, Astar Network | - | ||
X-to-earn |
|
| 6,000,000 |
Vape-to-earn Project on Berachain | 6,000,000 | ||
Grand Total |
|
| 168,740,000 |
AI: The Future of Crypto
AI has been at the forefront of technological innovation in recent years, and its impact on the cryptocurrency space is becoming increasingly evident. This week, we witnessed significant investments of over $100m in AI-related projects, demonstrating the continued belief in its transformative power.
One notable development was the substantial funding secured by Safe SuperIntelligence, by ex-OpenAI co-founder Ilya Sutskever, believed to be over $1 billion. This significant investment underscores the immense potential that investors see in AI and more broadly its applications within the crypto ecosystem.
Social Platforms: Building Communities on the Blockchain
Social platforms have long been a cornerstone of online interactions, and their integration with blockchain technology offers exciting possibilities. This week, we saw a surge in investments in social networking and video platforms, suggesting that investors are keen on capitalizing on the growing demand for decentralized social experiences.
While the specific funding amounts for these projects were not disclosed, the fact that they attracted investor interest indicates a growing belief in the potential of blockchain-based social platforms to revolutionize the way we connect and interact online.
DeFi: Expanding the Boundaries of Decentralized Finance
DeFi continues to be a hotbed of innovation, with new projects and protocols emerging regularly. This week, the Scroll network, an emerging popular choice for developers building DeFi applications, saw two projects receive funding. Pencils Protocol, a DeFi ecosystem on Scroll, and Zada Finance, a decentralized exchange (DEX) on Scroll.
These investments highlight the ongoing development and expansion of the Scroll DeFi landscape, as more projects seek to leverage blockchain technology to provide innovative financial services.
Gaming: Play-to-Earn Continues to Gain Traction
The play-to-earn (P2E) gaming model, which allows players to earn cryptocurrency by participating in games, has been gaining momentum in recent years. This week, we saw three P2E projects secure funding, further solidifying the trend.
CryptoHunter World, a P2E game, raised $2.8 million, while Yooldo and Gamster also received undisclosed amounts for their P2E platforms. These investments demonstrate the growing interest in P2E gaming and the potential for blockchain technology to disrupt the traditional gaming industry.
Unique Projects: Beyond the Mainstream
In addition to the more established sectors, we also witnessed some unique projects securing funding this week. One such project was a vape-to-earn (V2E) platform called Puffpaw that encourages users to quit smoking by rewarding them for vaping and ultimately quitting altogether. This innovative approach demonstrates the creativity and diversity of the crypto space.
Conclusion
This week's funding activity highlights the continued growth and evolution of the cryptocurrency market. AI, gaming, social platforms, and DeFi are all emerging as key areas of focus, attracting significant investor interest. While the specific funding amounts for some projects remain undisclosed, the overall trend is clear: the crypto space is alive and well, with a bright future ahead. As the technology continues to mature and the regulatory landscape evolves, we can expect to see even more exciting developments in the months and years to come.
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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