Web3 news, May 18: Twitter decentralized rival, a16z $600 million gaming fund, Twitch exec’s Web3 platform

Aave launches a decentralized Twitter ‘killer’ protocol

Aave, a DeFi protocol, has released a decentralized social graph called Lens Protocol to provide users with a new version of social media.  The protocol describes itself as “Web3 native <…> with features to serve the Web3 community.”

Built on Polygon, Lens Protocol allows users to own their content through storing it as NFTs with a crypto wallet. It also can be tapped by any number of apps or services, making it easy for anyone to build on it.

Polygon-based game launched by Twitch exec raises $15 million

One more Twitch executive, James Kuk, is joining GameFi with a Web3 gaming platform FreshCut. The company has just closed a $15 million funding round with investors including Polygon, Hashed, NBA star Andre Igoudala, Galaxy Interactive and many more.

FreshCut is offering a “create-to-earn” and “watch-to-earn” options, which means that viewers, along with content creators, will be able to earn the platform’s token, FCD for engaging with the game in different ways.

James Kuk’s company round follows the news of Twitch cofounder’s Web3 company Metatheory investment. Kevin Lin’s gaming platform will be using NFTs in its games as incentives.

Andreessen Horowitz launches $600 million ‘Games Fund One’

Andreessen Horowitz (a16z) has launched a “Games Fund One” with a $600 million investment devoted to gaming opportunities, including Web3, the metaverse and players communities.

The venture capital company considers the gaming industry very promising and hopes Games Fund One will “play a pivotal role in defining how we socialize, play, and work over the next century.”

The gaming industry reached a market cap of $300 billion and has been gaining more attention with GameFi opportunities and concepts such as “play-to-earn,” “create-to-earn” and “watch to earn.” 

“These ‘games-as-a-service’ have become rich, interactive social networks, with players making in-game friendships that are just as meaningful as those made in-person,” a16z said in the statement.

The Market Minute

The crypto market is taking a slight hit today, down 6.46% since yesterday. 

The token of the recently launched a blockchain-based metaverse game MetaCyber, METAC, though has managed to gain 695.75% over the past 24 hours and stands at $0.0000001103 at the time of publishing. Popular NFT token GMT, designed by the STEPN team, has lost 13.45% and was trading at $1.40. 

Positive news for Polygon (MATIC) and Aave (AAVE) did not prompt the coins’ price growth, which lost 13.34% and 13.10%, respectively.

In other headlines 

Ethereum Nears Major Upgrade as Testnet Set to Undergo Merge in June – Decrypt

Do Kwon Pushes On-Chain Proposal Live Even as 92% Vote ‘No’ in Online Poll –– Coindesk

Coinbase is launching an in-house crypto think tank –– The Block

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