<h4>Quick Take</h4> <ul> <li>Layer 1 blockchains, NFT marketplaces and crypto bridges are just a few examples of sub-sectors in which the leading startups share the same backers. </li> <li>Investing in rival startups is unusual in venture capital, but crypto heavyweights justify it on the basis that the sector is still so early in its development. </li> </ul>