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Chinese Tech Giant Huawei is Betting BIG on Web3 and A.I.

March 01, 2023

Welcome to another edition of The Scoop.

The Scoop is that sweet spot in between taking advantage of robots that replace us to make lots of money and build lots of cool stuff before they start building lots of cool stuff and leaving us with a universal basic income.😝

The Big Scoop

What’s better than one Big Scoop?

Many big scoops. As mentioned, Huawei, the giant Chinese technology company is about to build a POTENTIALLY MASSIVE partnership involving the metaverse, Web3 in general and artificial intelligence it goes hand-in-hand with the recent announcement that another giant in the country, Tencent, is going to be working with a bunch of Layer 1 solutions too…

Details on that in the news…

Another big Scoop you might want to know about is that an NFT whale sold $18.6 million worth of digital collectibles in a span of just 48 hours. That may not sound like a big deal, but the guy/gal sold over 1,000 individual NFTs, including 90 from Bored Ape Yacht Club (totalling $9.4 million),

The News

Chinese Tech Giant Huawei Announces Big Partnership Aimed at Accelerating Web3 and A.I.

Guess what?

The cloud branch of the tech giant Huawei has teamed up with some major blockchain companies to launch their metaverse and Web3 Alliance projects! Woohoo!

This partnership aims to quickly spread the word and promote the use of these technologies not only in East Asia but all around the world. And who are the lucky partners? Drumroll, please... Polygon (MATIC), Deepbrain Chain (DBC), Morpheus Labs (MITX), and BlockChain Solutions! Can't wait to see who else they'll team up with in the future.

The CEO of Morpheus Labs, Pei-Han, is excited about their company's involvement and is one of the key partners in Huawei's Metaverse - Web3 Alliance. How cool is that?

At the recent Huawei Cloud Asia Pacific Partnership Leaders Summit in Bali, they also brought together other IT companies in the region like Cloudsec Asia, Sirius, HKT Enterprise Solutions, China Telecom, China Mobility, and China Unicom to discuss how they can expand the technology's reach.

Huawei Cloud is already serving 730 million users in almost 30 countries with cloud-native, artificial intelligence (AI), and big data technology to aid in digital transformation and productivity. And their recent blockchain alliance is just one of Huawei's efforts to expand new technologies. Did you know that they're also planning to roll out the 6G network by 2030? That's super futuristic!

Speaking of partnerships, Tencent Cloud, the cloud branch of tech company Tencent, also recently teamed up with some decentralized technology projects like Ankr (ANKR), Avalanche (AVAX), Layer 1 network Sui, and Ethereum (ETH) Layer 2 zkEVM scaling solution Scroll, to support the global Web3 ecosystem development. It's like everyone's joining forces to make the world a better place through technology!

Blockchain Founders Fund Raises $75 Million to Push Web3 Forward

Time to talk about the Big Whales!

The Blockchain Founders Fund, a venture capital fund dedicated to promoting the adoption of Web3 and blockchain technology, has recently announced that it raised a whopping $75 million in its latest fundraising round!

This incredible amount was contributed by companies such as Polygon, Ripple, Octava, NEO Global Capital, Appworks, GSR, LD Capital, Metavest Capital, and even the Chief Operating Officer of The Sandbox, Sebastien Borget.

So, what will the fund do with all this money? Well, the fund will primarily focus on supporting early-stage pre-seed and seed projects that encourage the mass adoption of Web3 and blockchain technology. The fund has already invested in over 100 startups, including Altered State Machine, Splinterlands, GRID, Krayon, and Magna, and aims to invest in over 200 companies within the next 12 months. That's an incredible feat!

So, what will the fund do with all this money? Well, the fund will primarily focus on supporting early-stage pre-seed and seed projects that encourage the mass adoption of Web3 and blockchain technology. The fund has already invested in over 100 startups, including Altered State Machine, Splinterlands, GRID, Krayon, and Magna, and aims to invest in over 200 companies within the next 12 months. That's an incredible feat!

In a recent interview with Cointelegraph, Aly Madhavji, the managing partner of the Blockchain Founders Fund, shared the criteria that the fund uses to choose its investments. The fund will focus on early-stage Web3 companies with strong teams and a demonstrated ability to execute their vision. These projects must offer products or services that solve real market needs and offer clear pathways for revenue generation or monetization over time. They must also have a clear, viable business plan that demonstrates a solid understanding of the target market and competitive landscape.

Madhavji also talked about some of the major challenges in the crypto venture capitalist landscape and how the Blockchain Founders Fund is helping to address them. He said, “There is a high level of competition for deals in the space, regulatory uncertainty, as well as a limited track record of successful projects. In order to address these challenges, we focus on making investments in high-quality startups that have strong fundamentals and demonstrate solid indications of traction."

The Blockchain Founders Fund takes a team-centric approach when evaluating investments to ensure that only well-rounded teams are chosen for funding. They also navigate regulatory uncertainty by staying up-to-date with emerging trends in blockchain governance. Finally, they leverage their industry connections, including leading institutions and investors in the space, to help their portfolio companies succeed.

Despite a recent pullback in venture capital spending by investors in Q4 2022, blockchain-based technologies, applications, and startups continue to attract investors. Venture capital investments are now shifting towards “non-volatile innovations,” such as cross-chain bridges, payments and remittances, lending, decentralized autonomous organizations, asset management, and digital identity management.

In summary, the Blockchain Founders Fund's latest fundraising round is great news for the blockchain industry, as it aims to support and promote early-stage startups that can bring real-world solutions and innovations to the masses. We can't wait to see the incredible projects that will be developed with the help of this fund!

News Flash

Here are the other scoops happening in the space!

BIT Token Surges to Weekly High Following $200M BitDAO Ecosystem Fund Proposal

BIT jumped 5% over the weekend, outperforming both ETH and BTC, following the proposal from layer 2 network, Mantle.

https://www.coindesk.com/business/2023/02/27/bit-token-surges-to-weekly-high-following-200m-bitdao-ecosystem-fund-proposal/?outputType=amp

Binance to Distribute $5M Worth of BNB to Earthquake-Affected Turkish Users

Each Binance user from Turkey's affected region will receive $100 in BNB.

https://cryptopotato.com/binance-to-distribute-5m-worth-of-bnb-to-earthquake-affected-turkish-users/

JPMorgan’s DeFi platform to open crypto innovation lab in Greece

Despite JPMorgan Chase CEO repeatedly slamming Bitcoin, the American banking giant continues to advance in the cryptocurrency sector.

https://finbold.com/jpmorgans-defi-platform-to-open-crypto-innovation-lab-in-greece/

Spotify testing Web3 wallets integration

For now, the playlists can be accessed only by Android users from the United States, United Kingdom, Germany, Australia and New Zealand.

https://cointelegraph.com/news/spotify-started-testing-web3-wallets-integration

Bitcoin Mining Difficulty Reaches All-Time High as Miners Face Second-Largest Increase This Year – Mining Bitcoin News

Bitcoin's mining difficulty reached 43.05 trillion hashes and surpassed the 40 trillion mark for the first time ever.

https://news.bitcoin.com/bitcoin-mining-difficulty-reaches-all-time-high-as-miners-face-second-largest-increase-this-year/

Chart.

Remember that part in the Big Scoop where we talked about the NFT whale? 🐋 Here’s a chart that summarizes what that whale managed to accomplish in 48 hours.

The Chart section of The Scoop is for everyone who prefers to listen to audiobooks or fill-in colouring books over text-based reading. Feast your eyes🍗👀

Fundraising In Web3

As always! Here’s a rundown of funding announcements that came out over the past week. 💸💰💸:

NFT Project Okay Bears Signs Licensing Deal With IMG

IMG has been appointed as the exclusive global licensing representative to launch consumer products and experiences for the Solana-based PFP project.

https://www.coindesk.com/business/2022/09/20/solana-based-nft-project-okay-bears-signs-licensing-deal-with-img/

Pantera Invests $10M in Metaverse Game Worldwide Webb

The Web3 game allows players to use their existing NFT collections as avatars.

https://www.coindesk.com/business/2023/02/23/pantera-invests-10m-in-metaverse-game-worldwide-webb/

A16z Leads $25M Round for Web3 Startup Building Online Towns

Here Not There also received backing from Benchmark and Framework Ventures.

https://www.coindesk.com/business/2023/02/23/a16z-leads-25m-round-for-web3-startup-building-online-towns/

Education.

Ready for a quick study break?!📙

In response to feedback requesting more information on AI, CoinDesk published an opinion piece suggesting that ChatGPT, an AI tool, could potentially enhance Web3.

The article highlights the potential benefits of integrating ChatGPT and how it's going to destroy normal searches on the web.

ChatGPT Will Kill Search and Open a Path to Web3

The latest offering from OpenAI, with its ability to immediately answer questions, could end our dependence on Google and its advertising model and force companies to use NFTs to generate revenue.

https://www.coindesk.com/layer2/2022/12/09/chatgpt-will-kill-search-and-open-a-path-to-web3/

If you are up for the challenge here is the direct Chat GPT introduction!

Introducing ChatGPT

We’ve trained a model called ChatGPT which interacts in a conversational way. The dialogue format makes it possible for ChatGPT to answer followup questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests.

https://openai.com/blog/chatgpt

Scoop Meme

The Final Scoop

Alright so with the final Scoop, it’s time to let you in on a not-so-big secret. We’re going to start converging with all the artificial intelligence nerds out there. And when we say WE, we mean all the people who were into Web3 before ChatGPT triggered the A.I. Avalanche by launching in November.

The building and fundraising continue despite the fact that the market is cooling off a little bit after being on fire in January. It was meant to happen as we continue to work through inflation and all that jazz.

Still, the future is bright for those of us in the digital ownership economy… as usual.

And so ends another big week for the world of Web3.

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