Grace Berkerystartup engagement manager for MasterCard BREAST, addressed some of traditional big finance’s doubts about investing in Web3 projects in 2022, during Benzinga’s annual Future of Crypto summit in New York. The conversation took place in the context of the “State of Venture Funding in Crypto and Web3” panel discussion.

“It is an opportunity, but it is a good moment to restart. At this time, people should put their heads down and build. You’ll be better off in the long run,” Berkery said.

andra nicholashead of business development source protocol he agreed, noting the contrast between 2022 and 2021 in terms of investor attitudes towards taking a chance on blockchain projects.

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“Last year we raised about $300 million. At some point, you just sit back and watch the money roll in. This year is completely different. Investors are being incredibly selective and careful in their due diligence,” Nicolau said.

Organic traction construction

The panel, which included matt higginsco-founder and CEO of csr companies, Y greg carsonHead of Corporate Development and Ventures at XBTO Group, was unanimous in believing that projects should be “building organic traction, acquiring users; then when the product is working, go and raise capital” – as Nicolau said.

Carson noted that fundraising tends to happen in four to six month cycles and is something projects should review regularly as they develop their offerings and the market begins to change.

Partnerships with traditional finance should also be a strategic consideration.

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“At Mastercard, we take a partnership-first approach. We are not the experts in space,” Berkery said.

Value-added services, including analytics, identity and security, were cited as areas of interest among traditional investors. Loyalty, NFT, and metaverse use cases are also points of interest.

Higgins concluded: “I’ve never had more FOMO. The quacks are leaving space.”

Watch the full panel on YouTube: https://www.youtube.com/watch?v=cABs4mq_Vd0