Grant Program Spearheads Web3 Startup Development Amidst Shifting Crypto Landscape
Despite the current ebbs in developer participation, Nailwal remains optimistic about the resurgence of investor enthusiasm in the crypto sphere.
Amid a waning trend in the enthusiasm for launching crypto ventures, a novel grant initiative is championing the inception of new crypto-related businesses. The Nailwal Fellowship has handpicked eight individuals for its program, offering a generous $50,000 grant coupled with mentorship over a six-month duration to foster the development of crypto-oriented enterprises.
Sandeep Nailwal, a co-founder at Web3 company Polygon and venture firm Symbolic Capital, the fellowship is a concerted effort to invigorate talent to venture into the blockchain sphere. Among the selected participants are startup founders, former investment professionals, and students. Notably, two additional program slots have been designated for female applicants, ensuring a diverse and inclusive cohort.
Nailwal emphasized the existing apprehension among many skilled individuals in the Web2 realm about transitioning to opportunities within the blockchain domain. He stated, “This gives you an umbrella to cover your risk and then you can do something interesting.”
The fellowship's inauguration coincides with a noticeable shift in software developers' interests within the crypto space. Recent data from Crypto VC firm Electric Capital revealed a decline of 27% in monthly active open-source developers engaged in coding for crypto projects compared to the previous year, accounting for a total of 19,300 developers as of October 1. While not all transitions were entrepreneurial endeavors, this exodus is attributed to developers who had recently entered the crypto domain.
Despite the current ebbs in developer participation, Nailwal remains optimistic about the resurgence of investor enthusiasm in the crypto sphere. He anticipates a return to a more favorable climate, asserting that this resurgence will play a pivotal role in propelling the startups nurtured through the fellowship to success.
“I think it’s going to go back to normal and the tide will also shift again,” Nailwal affirmed, underscoring his faith in the cyclical nature of investor sentiment within the crypto landscape.
The Nailwal Fellowship stands as a beacon of hope during a transitional period in the crypto sector, fostering innovation and cultivating potential for budding entrepreneurs amid evolving market dynamics.
