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The frenzy around Web3 has become inescapable. It's the latest hype cycle that I've experienced in my journalism career and it presents the same classic dilemma:
How can I know where the bullshit stops and the real business begins?
While I can't offer a definitive answer (yet), three companies with French pedigrees made some intriguing announcements this week that reveal how founders are trying to define where the real business lies. There is no single takeaway here. Rather, consider these to be sketches of ideas that are works-in- progress, but that hopefully illuminate some of the emerging thinking in these sectors and where value can be found or created.
Jean-Sébastien Beaucamps is rushing along the streets of Los Angeles during our Zoom call. He apologizes for not turning on his camera, but it's just too hectic where he is.
Beaucamps is CEO of LaCollection, an NFT-based art service that he co-founded with CTO Fabian Langlet. And right now, his hectic entrepreneurial life is kicking into a higher gear.
The company announced this week that it had raised a $10 million seed round that was led by Alven but also included money from Aglaé Ventures (which is connected to LVMH), Cygni Capital, Kima Ventures, Artnova, Motier Ventures, and Premier Janvier Capital. The roster of business angels includes Nicolas Julia, Founder and CEO at Sorare, which uses NFTs to power its fantasy sports league platform and raised a $680 million round last year.