Web3 startups are the newest members of the fintech ecosystem. Since the beginning of the year 2022, things haven't been great for Web3 startups. The dramatic market crash and the current downturn mark the first major "hit" for the industry. Fundraising can be hugely challenging in times like these, and it's an essential lifeline for web3 Startups intent on withstanding this downturn. According to a 2021 Forbes article, the average seed raise has risen from US$1.5 million in 2020 to US$3.3 Million in 2021. Even in the pre-seed phase, some Web3 startups are raising rounds to the tune of US$3 million.
Despite this interest in the space, fundraising for Web3 startups is still a challenging process and there are differences in how this funding is sourced when compared to more traditional startups. Each Web3 fund has its internal Web3 startup selection process, which includes due diligence such as checking legal documents, doing background checks, and doing financial data checks, for example, before making an investment decision. Also, most Web3 funds have their standard investment conditions, for example, some are only interested in Web3 project tokens, while others invest in both tokens and Web3 startup shares.
Web 3.0 has come to alter the game for everyone in every industry. Take, for example, the health sector, which is based on Web 2.0. What if there was a method to digitize and automate all current and incoming data to minimize effort and save time? Because Web 3.0 promotes itself as a 'find engine' rather than a search engine,' this is conceivable.
It may become easier and faster to treat people based on their medical histories and genetic profiles. Medical practitioners can rely on Web 3.0-based smart apps to proceed with a new case using a system that can give quick go-to measures depending on new admissions. The same may be said with prescription drugs and diagnostics. We will also have a system at some point where a doctor-patient relationship will include automated stages to cut latency and expenses.
Because of the vast number of options that have yet to be discovered, Web 3.0's capabilities are unclear. The unstructured web is only going to become bigger and better, and it can be extended across industries of all sorts, which is something we can get thrilled about. As a result, it's reasonable to claim that Web 3.0 is the real internet revolution that many people are eagerly anticipating.
This firm was established in 2021 with its headquarters in Chattisgarh. The Bengaluru-based company Vayupankh.io provides a technological platform that lets companies create their chains, build NFT markets, and generate tokens and swaps to utilize with their other systems. Dapps for gaming will be available on the platform soon.
2021 has been an incredible year for Polygon, India's largest Cryptocurrency, and blockchain venture. Polygon was founded by Indian businessmen Sandeep Nailwal, Jayanti Kanani, and Anurag Arjun. It is based on Ethereum blockchain technology but seeks to address various fundamental concerns. The blockchain technology and architecture enable developers to create decentralized apps and services on it by utilizing Ethereum, which eliminates the high fees and transaction delays associated with the latter.
It was established in 2016 and is based in Hyderabad. StaTwig helps companies combat supply chain problems, such as forgery, black-marketing, and excess inventory, by tracking the movement of every product in the supply chain during its travel. Sid Chakravarthy started this company, which has collaborated with AWS, Tech Mahindra, Twilio, Intel, and UNICEF. Its core product is a VaccineLedger, which assists numerous health agencies with the Covid-19 vaccinations.
Biconomy, which provides a cross-chain transaction protocol, was invented by Ankit Jindal, Ahmed Al-Balaghi, and Sachin Tomar. The latter functions over many blockchains, with the ultimate objective of providing a simple API for services to incorporate a decentralized payment gateway. Biconomy's goal is to make blockchain-based payments accessible to the general public. It secured $9 million in investment last year in anticipation of the debut of its native token, Bico.
It was established in 2020 and is headquartered in Delhi, NCR. DeFi technology called PredictRAM manages risk using a blockchain-based artificial platform. The firm tokenizes customers' IT assets and develops artificial tokens that enable decentralized derivatives' creation, configuration, and trading.
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