Although Web3 has the potential to create highly-engaged communities based on asset ownership, tokenization, virtual worlds, and global accessibility, it remains isolated from the traditional tech world. To bridge this gap, Pitango, an Israeli venture capital firm that operates seed and early venture fund Pitango First, has unveiled a new web3-focused venture fund. Dubbed First Labs, this is Israel’s first “investment DAO” (decentralized autonomous organization) to connect the traditional Web2 economy with the ever-expanding Web3 market to accelerate the growth of the web3 ecosystem. What Will First Labs Do? First Labs will be allocating funding to companies employing Web3 technologies, such as blockchain, tokenization, NFTs, and metaverses.
