Tang Yi, Executive Director of Qiming Venture Partners: Optimistic about the long-term potential of Web3, supports Chinese entrepreneurs.

Recently, Tang Yi, the Executive Director of Qiming Venture Partners, shared the institution's investment strategy and views on the Web3 industry at an event. As a well-known venture capital firm managing 18 funds with total assets of 9.5 billion USD, Qiming Venture Partners has also been actively investing in the Web3 field in recent years.

Tang Yi stated that Qiming Venture Partners began investing in the cryptocurrency field in 2019 and has currently invested in 16-17 projects. Their investment strategy mainly focuses on supporting Chinese entrepreneurs and covers the global Web3 market. The investment scope is broad, including infrastructure, application layers, and middleware.

Regarding the prospects of the Web3 industry, Tang Yi holds a long-term optimistic attitude. He believes that from multiple perspectives including technology, talent, and vision, this market has immense potential. Some current characteristics of Web3, such as globally unified standards and rules, remind them of the early days of the internet. Therefore, whether the market is booming or sluggish, Qiming Venture Partners will continue to pay attention to and invest in this field.

In terms of the investment phase, Tang Yi stated that they would make flexible adjustments based on the characteristics of the Web3 industry. They will participate in some earlier seed rounds and pre-seed investments, as well as invest in some projects that have entered the growth phase and have higher valuations.

When discussing the key focus areas, Tang Yi mentioned that they will start from the user's perspective, paying attention to entry points and infrastructure projects for both individual and institutional users. For example, they have invested in the self-custody wallet imToken and the crypto financial company Matrixport, among others. In addition, in terms of underlying infrastructure, they have also invested in multiple projects involving zero-knowledge proofs, middleware, security, and other fields.

Regarding the current bear market, Tang Yi believes that the market rhythm is difficult to predict accurately, but he personally holds a relatively optimistic attitude towards market improvement by the end of next year. He suggests that entrepreneurial projects maintain sufficient capital reserves and sustainable income models to cope with possible market fluctuations.

In terms of large-scale adoption of Web3, Tang Yi admitted that there is still a significant gap compared to Web2. He believes the main reason is that users' acceptance of crypto payments is not high, and the underlying infrastructure is still not完善. He stated that these issues are difficult to completely resolve in the short term, and the industry needs to remain patient.

Finally, Tang Yi expressed that they welcome talents with Web2 entrepreneurial experience to enter the Web3 field. He believes that these entrepreneurs possess strong technical and execution capabilities, and as long as they take the time to understand Web3 users and industry needs, they can often grow rapidly. Regarding the phenomenon of some Web3 entrepreneurs turning to the AI field, Tang Yi expressed understanding, but he reminded entrepreneurs that regardless of the direction chosen, they need to be aware of the many uncertainties and should choose more based on their own interests and abilities.