QUICK TAKE
- In June, the NFT/Gaming sector relinquished its position as the top sector for crypto VC investment to Infrastructure, as per The Block Research’s compiled data.
According to data from The Block Research, the crypto infrastructure category has emerged as the leading destination for venture capital seeking opportunities in the blockchain space, surpassing NFT and gaming sectors. This shift marks a significant change in the landscape, as the NFT/Gaming sector had held the top spot for VC deals in web3 since June 2021, but this winning streak concluded last month.
The ongoing bear market conditions have compelled investors to shift their focus towards foundational companies and projects, as highlighted in an upcoming funding report by The Block Research. Despite a decrease in funding for the overall sector from its peak levels, interest in infrastructure has demonstrated remarkable resilience. The level of interest, measured by the number of deals, has remained consistently high, and in some instances, even surpassed the levels witnessed during the peak bull market when funding was at its zenith.
Notable deals that took place in June include Mythical Game’s successful Series C1 raise, securing an impressive $37 million, as well as the Cosmos blockchain Neutron’s seed round raise of $10 million, led by Binance Labs and CoinFund. These high-profile investments further underscore the growing prominence of the crypto infrastructure category within the blockchain ecosystem.