Cody McGrath 
NGC Ventures, a crypto-focused venture firm backed by Babel Finance and Huobi Ventures, has created a new ecosystem fund exclusively for Web3 and metaverse projects.
Babel Finance, Huobi Ventures, Nexo Ventures, Altonomy, and GBIC were among the investors in NGC Metaverse Ventures, the company’s third blockchain fund. According to Roger Lim, general partner of NGC Ventures, the fund would invest in “high-potential projects” in the Web3 economy.
According to NGC, the Web3 fund has already invested in three firms.
NGC Ventures, a blockchain and fintech venture business based in Singapore, was launched in 2017. It was an early investor in companies such as Solana (SOL), Algorand (ALGO), and Oasis (ROSE).
Web3 and metaverse projects have piqued the curiosity of venture capitalists. Venture capital firms have committed over $3 billion to such initiatives since mid-April.
Andreessen Horowitz, a Silicon Valley venture capital firm, recently created a $600 million fund focused on gaming entrepreneurs in the Web3 economy.
The Web3 economy has been a major topic of discussion at this week’s World Economic Forum Annual Meeting in Davos, Switzerland.
Polkadot (DOT) founder Gavin Wood said the expansion of Web3 has been “encouraging because it indicates that people are seeing this underlying technology feed into new applications” that go beyond crypto in an exclusive interview with Cointelegraph.
For crypto VC, 2022 is shaping up to be another record-breaking year. According to research, venture capital companies invested $14.6 billion in crypto and blockchain startups in the first quarter, accounting for 48 percent of total capital deployed in 2021.