Variant's investment thesis focuses on a new generation of Internets that turn users into owners through tokens distributed via blokchains.
described
the fund’s investment thesis as “being the marquee seed fund in Web3” since he believed such strategy acts as the base that determines the fund size. It partly explained why the first two only raised $110M and $22.5M, respectively – a relatively small amount compared to VC giants such as a16z. By remaining small-sized, the founders believe they could guide entrepreneurs through the difficult phases “they face early on in their journey.”
Co-founder Li Jin viewed the next three to five years as a critical period when a group of highly competent Web3 projects will drive mainstream adoption. In comparison to traditional Web2 giants, she argued, Web3 projects would financially empower users by letting them genuinely own their capital output.
“Web2 was digital feudalism, and Web3 is digital capitalism. Web3 is a paradigm shift, in that it introduces capitalism to the internet. It introduces the ability for people to actually own capital and become capital owners of their own output.”
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