Dialogue with Tang Yi, Executive Director of Qiming Venture Partners: Layout Web3, Optimistic about the Future

Qiming Venture Partners is a leading global venture capital firm with 17 years of experience in the VC field. Since 2019, the company has begun to venture into the cryptocurrency space and has invested in 16-17 projects to date. The company's investment strategy mainly focuses on supporting Chinese entrepreneurs to expand the global market for Crypto.

Tang Yi stated that Qiming Venture Partners holds an optimistic view on the long-term potential of the Crypto/Web3 industry. He believes that from a technical and talent perspective, this market is very interesting and has attracted many excellent engineers and developers to engage in product development and research across various fields. The original intention of Crypto is to build a value network that allows users to own and quickly exchange digital assets, value, and identity.

In terms of investment strategy, Qiming Venture Partners has made adjustments based on the characteristics of the Crypto industry. In addition to traditional Series A and Series B investments, they have also started to engage in earlier-stage seed and pre-seed investments. At the same time, for projects that have entered a growth stage or have a higher valuation, they also have the capability to provide larger-scale funding support.

Qiming Venture Partners has a broad investment coverage in the Web3 space, including user entry points, infrastructure, DeFi, NFTs, and gaming among various directions. Notable projects they have invested in include the Ethereum scaling solution Scroll, self-custody wallet imToken, and crypto financial services company Matrixport.

Regarding the current market situation, Tang Yi stated that although many industry insiders are optimistic about the market improving by the end of next year, he personally believes that the market direction is difficult to predict accurately. He suggests that invested companies maintain sufficient capital reserves, and it is best to have sustainable income and value capture capabilities to cope with potential market fluctuations.

When discussing the elements required for the mass adoption of Web3, Tang Yi pointed out that there is still a significant gap between Web3 and Web2 in terms of user scale and experience. He believes that the acceptance and comfort level of cryptocurrency payment experiences, as well as the improvement of underlying infrastructure, still need to be enhanced. Solving these issues may take quite a long time and cannot be rapidly addressed in the short term.

For Web2 entrepreneurs entering the Web3 space, Tang Yi holds a positive attitude. He believes that these entrepreneurs often possess strong technical skills, execution ability, and product awareness. As long as they take the time to learn and understand the demands of the Web3 industry, their growth rate will be very fast.

Finally, regarding the phenomenon of some Web3 entrepreneurs turning to the AI field, Tang Yi expressed understanding. He believes this reflects the challenges currently faced by the Crypto industry, such as the lack of new use cases and scenarios, as well as the slower-than-expected pace of large-scale adoption. He suggested that entrepreneurs should explore based on their own interests and abilities, while recognizing that there are many uncertainties in both the AI and Crypto fields.