On the first day of Taipei Blockchain Week's keynote speech (Global and Asian Market Overview: Insights from Leading VCs on the State of Web3), four speakers who have been continuously working in the VC field were invited to discuss how VCs view the current crypto environment. (Background: How do VCs perceive the current meme coin frenzy? How long can this meme cycle last?) (Context: How to build a successful crypto VC? What should be focused on when investing in projects?) Taipei Blockchain Week (TBW) kicked off today (12), and during the keynote speech (Global and Asian Market Overview: Insights from Leading VCs on the State of Web3), Nenter Chow, Head of Investment and Portfolio Strategy at Animoca Ventures, Akio Tanaka, Partner at Infinity Ventures Crypto (IVC), Richard Wang, Managing Partner at DraperDragon, and Daryl Lim, Partner at TRIVE Digital, jointly explored how VCs perceive the current crypto environment. At the beginning, Nenter Chow mentioned that the market has been particularly active due to Trump's election, and asked the other speakers what topics excite them the most? Current developments in the crypto space Japan's crypto development IVC Partner Akio Tanaka first mentioned that, unlike in Western countries, large corporations in Japan are very active in the cryptocurrency field. For example, SONY has had a very close relationship with the public blockchain Astar, and Astar's CEO Sota Watanabe has also established a Layer 2 protocol called Soneium on Ethereum for Sony: So in reality, large enterprises in Japan are accelerating their capabilities in Web3, cryptocurrencies, and stablecoins. We are closely monitoring these impacts because I believe this could become more globalized, especially if you look at some acquisition cases. In addition, Akio Tanaka stated that IVC is currently focusing on stablecoin payments and the entertainment sector. Rapid shifts in crypto investment hotspots DraperDragon Managing Partner Richard Wang then mentioned that the current investment hotspots are shifting very rapidly, and DraperDragon's investment strategy is constantly adjusting. As for several of the latest investments, the usual operational time cycle is seven years, so it may not benefit from this bull market. Wang also joked that he hopes the projects they invest in will last until the next bull market: We hope to survive this cycle until the next one comes. I'm not sure if the current market can sustain itself. But maybe it will only last until this year, right? Therefore, we must ensure that the projects can survive in the next two to three years. Fair Launch is gradually becoming mainstream TRIVE Digital Partner Daryl Lim mentioned that from a VC perspective, the token sale method of 'fairer issuance' is becoming mainstream. Currently, many projects are using fairer market strategies, shifting to a more transparent token distribution environment rather than an opaque 100% circulation model: For example, the circulation on the first day may reach 60%, and by the third month, it may reach 80%. This is a trend we have observed, and this method works well. Moreover, many venture capital funds are more supportive of this strategy because it can save a lot of costs, such as reducing fees or support costs for some companies. Factors for the success of project teams On the other hand, Daryl Lim also mentioned that the 'attractiveness' of project teams for community user retention has become one of the important factors beyond the 'product'. Regarding this topic, Nenter Chow believes that the 'team' of the product is very important because the token generation event (TGE) is not the end, but rather the starting point of the product's continuous efforts: I think that clearly, the product team is also very important. Do these teams really have the ability to solve problems, or does the product have long-term sustainable development potential? Because I believe that there are many creative projects in the market now, but in the end, only a new logo remains. Many people tend to focus on achieving the token generation event (TGE), as if it were the endpoint, but in reality, it is not. It is just a starting point, and you really have to focus on pushing the project forward. Is this cycle a 'super bull market'? Next, host Nenter Chow asked the speakers when the market will peak and whether this cycle, with institutional funds flowing into the crypto space, represents a 'super bull market'? Richard Wang noted that DraperDragon still prioritizes 'return on investment (ROI)' as the first focus, with 'exit strategy and returns' being key points. Nenter Chow then stated that this cycle is different from previous years, as not all tokens are rising simultaneously. However, Chow is still curious about which areas institutional funds will flow into. In response, Daryl Lim indicated that he believes the exact situation of institutional fund inflows is more complicated than it appears on the surface. However, they have already seen a significant amount of funds flowing into the market, clearly directed towards specific areas. VC perspective on the crypto environment Next, host Nenter Chow asked, from the perspective of funds and partners, how the current crypto VC financing environment differs from past cycles. Akio Tanaka stated that if we look at the past three years, cryptocurrency as an investment category has actually shrunk in scale compared to other fields, because the growth rate of other fields is faster. Akio Tanaka continued that the rise of AI in recent years has siphoned off a lot of VC investment funds, such as for gaming and financial technology, especially in the UK. Due to the rapid development of AI, many projects, even crypto VCs, have shifted their focus to AI. On the other hand, Richard Wang used his observations from China and Hong Kong as examples, arguing that there are many investment opportunities in the domestic market, especially among limited partners (LPs). Wang further stated that from the LP perspective, there were many quality funds in the last cycle, but the outcomes were not ideal because the distribution to paid-in capital (DPI) was very poor: No one was able to exit. Recently, many LPs have been very concerned about long lock-up periods and unclear exit plans. Wang noted that this has also led to many funds starting to shift towards more liquid investments, prompting VCs to either set a shorter fund cycle or create a more structured plan for exits: The old methods of the last cycle are no longer feasible. Key recommendations from the speakers At the end of the speech, host Nenter Chow asked the speakers to share their 'key recommendations' for the current investment environment: Akio Tanaka mentioned that currency in the internet age is being realized, and these are based on...