Chinese venture capital firm GBA Capital has unveiled a significant move, committing a substantial $10 billion investment to establish a Web3 fund.
The disclosure took place on December 26, 2023, at the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development conference, as reported by local newspapers.
The funds are intended to provide financial support to startups operating in burgeoning sectors, such as non-fungible tokens (NFTs), metaverse, and virtual reality.
The final objective of the fund is to transform the Guangdong–Hong Kong–Macao Greater Bay Area — the world’s largest and most densely populated urban area, and one of China’s most vibrant and dynamic economic hubs — into a global “meta-asset capital.”
This announcement aligns with China’s ongoing dedication to Web3. Last month, the Ministry of Industry and Information Technology reiterated its dedication to Web3, outlining ongoing projects and future strategies for metaverse and NFT development, with a focus on collaboration, innovation, and user protection.
As China expands and adopts Web3, simultaneous measures are being taken to regulate the potential uncontrolled expansion and use of these technologies. In November 2023, the country officially declared NFT theft a crime in response to growing concerns about digital collectible fraud. Moreover, in August, China proposed integrating its social credit system with the metaverse to enhance safety, sparking discussions on privacy and control within virtual realms.