Investments and Developments in Web-3 and Metaverse projects
Chambers FinTech team discusses the recent investment and developments in metaverse projects in the last 12 months.
Investment in Web-3
One area that has seen massive investment is so-called Web3 or metaverse projects. The outstanding development, at least in value terms, is Facebook’s rebrand to Meta and its more than $10 billion per annum investment in developing its Reality Labs metaverse product line.
More broadly, many Web3 projects, including communities based on Non-Fungible Tokens and augmented or virtual reality products, have seen significant investment and development this year. Many artistic, cultural, sporting and charitable institutions around the world have begun to explore NFTs as a way of monetising their collections, brand value and heritage.
These institutions will now require counsel from FinTech-specialist lawyers and firms, and this broadens the potential client base for these previously “niche” practices well beyond the usual FinTech start-ups, unicorns, TradFi integrators and private equity funds.