At a digital economic development conference, GBA Capital Fund reportedly declared its investment of more than $10 billion in the Web3 industry, covering Metaverse, non-fungible tokens (NFTs), and real-world assets (RWA).
This aligns with the current hype and speculation leading into 2024 surrounding the crypto market and the recent surge in prices.
Big Pledges Were Made to the Web3 Industry
Investors at the Hong Kong event discussed Web3 and expressed their keen interest in investing in the space.
Earlier this year, BeInCrypto highlighted a substantial decrease in total Web3 investment. The twelve-month period leading up to June 2022 recorded $1.8 billion, but by June 2023, the figure had declined to around $520 million.
Wu Ying, from the Digital China Federation, shared his thoughts:
“”We’re in the digital era, with things like AI, blockchain, and the metaverse booming. Yuan assets bring together traditional and modern digital assets, aiming to boost the economy of the Greater Bay Area and even all of Greater China.”
Meanwhile, Li Haolong, Chairman of the World Yuan Asset Association, added that the conference is crucial. It’s a tech guide, industry supporter, and a place to show off new applications.
Haolong also dropped the news that GBA Capital Group will launch a $10 billion Yuan Asset Web3.0 Industry Fund.
This fund will reportedly invest in things like Yuan assets, metaverse, NFTs, and RWA to help the Greater Bay Area become the “World Capital of Yuan Assets.”
Read more: Bitcoin Halving Cycles And Investment Strategies: What To Know
The Event Served as an Introduction to Web3
However, the event seemed to serve as an introductory bridge for both investors and audience members unfamiliar with the Web3 industry.
Luo Jinhai, the founder of Huoxun finance and creator of the “Yuan Asset” idea, explained what Yuan assets are. He declared they are like assets in a math-based universe, undergoing math magic to become secure digital assets.
Furthermore, they have unique features like independence, privacy, security, scarcity, and flow.
On the other hand, the event also had signing ceremonies, with folks committing to future collaborations in digital economy, Yuan assets, Web3.0, and the metaverse.
Read more: Crypto vs. Stocks: Where To Invest Your Money in 2023