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0G Labs has apparently raised a $35M pre-seed funding round with no product, no customers, and no real team. Their press release and web site looks like a bunch of random buzzwords strung together: web3, blockchain, AI, dapps. Am I missing something or is this some crazy bubble?

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I feel very stupid not having the slightest idea of what they do

But also,

"A key part of 0G’s success is due to the unique team members holding a wealth of experience across Web3, technology, finance, and more. The leadership team has built up previous careers at prestigious firms such as Microsoft, Bain, Bridgewater Associates, Harvard Business School, Stanford, and IDEO. The members have launched various unicorn companies raising over $200 million and employing more than a thousand people."

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