Venture Funding for Web3 Projects Surpasses $637 Million
Date: 2024-02-05 Author: Dima Zakharov Categories: BLOCKCHAIN
Web3, the next frontier of technology, is rapidly gaining momentum as venture capital pours in. In 2023, venture investors diverted their attention to projects in the Web3 and artificial intelligence (AI) spheres, resulting in a significant milestone - over $637 million in funding.
A recent study conducted by TenSquared revealed that a noteworthy portion of last year's venture capital was channeled into startups focusing on blockchain-related products and utilizing Web3 tools. Particularly, investments in projects at the intersection of blockchain and AI garnered substantial attention, amassing more than $637 million in investments.
Over the past five years, GitHub has witnessed a surge in research and patents related to blockchain and AI technologies. With over 5,600 reports and studies published during this time, the potential and technical capabilities of Web3 and blockchain have been extensively analyzed.
TenSquared also noted that in 2023, the value of digital currencies representing AI projects experienced significant growth. By the end of December, the combined market capitalization of the top 15 tokens associated with AI startups reached a staggering $12 billion.
While the cryptocurrency market saw a 108% increase in value last year, tokens linked to AI-driven projects soared in price by an impressive 443%. This shift in investment trends highlights the increasing importance of Web3 and AI in the technology and financial sectors.
