Sandeep Nailwal-backed Web3 accelerator launches demo day for first cohort

Web3 accelerator Beacon has wrapped up its archetypal cohort with 13 graduating companies and has provided a venue for task founders to demo their blockchain-based startups. 

Beacon’s archetypal 12-week cohort, dubbed Cohort 0, kicked disconnected successful October with 15 companies crossed assorted cryptocurrency subsectors, including decentralized concern (DeFi), gaming and infrastructure. Beacon held a demo time connected Jan. 10 with 13 graduating companies: Arcana, Blinkmoon, ChapterX, Colexion, Community Gaming, Cubist, FastLane, Meta Apes, Mystic Moose, Nillion, Davos Protocol, Timeswap and Ylide.

Polygon co-founder and Beacon creator Sandeep Nailwal described the archetypal batch of graduates arsenic the “MVP of Beacon” due to the fact that they were the archetypal to show the accelerator’s chain-agnostic utility.

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Nailwal said Cohort 0 dealt with important adversity arsenic the turmoil from the FTX collapse reverberated crossed the market. “We were disquieted that companies mightiness commencement dropping out, truthful disheartened by the crypto markets,” helium said successful notation to the FTX bankruptcy. “Instead, everyone turned up and was acceptable to support gathering done this.”

2022 was a record-breaking twelvemonth for Web3 task superior contempt the carnivore market. Source: Cointelegraph Research

Applications for the upcoming intake, Cohort 1, volition beryllium unfastened until Jan. 31, with up to $8 cardinal successful backing offered to 32 startups. Nailwal said the applicants would beryllium evaluated for their task team, planetary reach, assemblage and Web3 merchandise solution. 

Related: Cointelegraph’s Accelerator Program launches and is seeking Web3 startups

Web3 concern has dominated the task superior country implicit the past 12 months arsenic investors continued to backmost caller net startups. In November, the Web3 assemblage saw 23 idiosyncratic deals valued astatine a combined $168.3 million, according to Cointelegraph Research. Only infrastructure projects commanded a higher dollar amount.