Infrastructure overtakes NFT and gaming as the most popular destination for crypto VC

Quick Take

  • The NFT/Gaming sector lost its lead on Infrastructure as the most popular sector for crypto VC in June, according to data compiled by The Block Research.

Crypto infrastructure as a category has usurped NFT and gaming as the most popular destination for venture capital seeking out deals in the blockchain space, according to data from The Block Research. 

Breakdown of venture capital deal by web3 sector. Image: The Block Research

The NFT/Gaming sector had been the most popular destination for VC deals in web3 since June of 2021, but that 23-month winning streak came to an end last month.

Ongoing bear market conditions are prompting investors to focus on foundational companies and projects, The Block Research notes in a forthcoming funding report.

"Infrastructure interest has maintained resilience despite funding for the overall sector decreasing from its heights," The Block research director John Dantoni said. "By the number of deals, its level of interest has been as high — and in some cases greater than peak bull market where funding was at its highest."

Prominent deals in June include Mythical Game's $37 million Series C1 raise, and the $10 million seed round raise for the Cosmos blockchain Neutron led by Binance Labs and CoinFund.

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