加密貨幣創投格局轉變：實用程式和技術創新成為焦點

加密貨幣創投格局正在發生顯著轉變，明顯關注吸引最多資金的特定產業。人工智慧相關的加密貨幣和Layer-2解決方案已成為熱門投資領域，反映出業界越來越重視技術創新和可擴展性。相反，先前非常受歡迎的 NFT 和 GameFi 經歷了資金下降，這表明市場正在轉向具有更廣泛實用性和潛力的項目，這些項目不僅限於收藏品和遊戲，而且具有更廣泛的影響力。這種轉變標誌著加密貨幣產業更加成熟，從投機投資轉向具有有形效用和長期潛力的專案。

The Shifting Landscape of Cryptocurrency Venture Capital: Focus on Utility and Technological Innovation

加密貨幣創投格局的轉變：關注實用性與技術創新

The cryptocurrency venture capital arena is undergoing a significant transformation, with a notable shift in focus towards specific sectors that are attracting the lion's share of funding. Benzinga engaged in discussions with crypto venture capitalists, revealing a newfound emphasis that highlights the industry's evolving priorities.

加密貨幣創投領域正在經歷重大轉型，重點明顯轉向吸引大部分資金的特定產業。 Benzinga 與加密貨幣創投家進行了討論，揭示了一個新的重點，突出了該行業不斷變化的優先事項。

Rebound in Crypto VC Funding

加密貨幣創投資金反彈

The era of memecoin mania and generalized NFT hype has passed. Investors are now prioritizing projects that offer real-world utility and long-term potential. Tom Schmidt, general partner at venture capital firm Dragonfly, characterizes the early 2024 venture capital landscape as the precursor to an imminent takeoff, noting a gradual yet promising increase in private valuations. This cautious optimism is reflected in the gradual re-engagement of traditional VCs and crossover funds in the crypto space. Schmidt anticipates a more vibrant and institutionally attractive crypto market landscape as larger players re-enter the fray, driving a surge in venture capital interest and a focus on new sectors.

Memecoin 狂熱和普遍 NFT 炒作的時代已經過去。投資者現在優先考慮提供現實實用性和長期潛力的項目。創投公司 Dragonfly 的普通合夥人湯姆·施密特 (Tom Schmidt) 將 2024 年初的創投格局描述為即將起飛的前兆，並指出私人估值逐步但充滿希望的成長。這種謹慎的樂觀態度體現在傳統創投和交叉基金逐漸重新參與加密貨幣領域。施密特預計，隨著規模較大的參與者重新加入競爭，加密貨幣市場格局將變得更加充滿活力和更具機構吸引力，從而推動創投興趣的激增以及對新領域的關注。

Anand Iyer, managing partner at Canonical Crypto, frames this resurgence in terms of a cultural evolution. Investments driven by memes are giving way to a focus on utility and technological innovation, particularly in the AI-meets-crypto sector. "Casino culture is graduating to computer culture. Meme coins are like the NFTs of this vintage, but given all the advancements in scalability and interoperability, we are starting to see true utility and manifestation of blockchain technology, starting with AI-related crypto," he says.

Canonical Crypto 的執行合夥人 Anand Iyer 將這種復興視為文化演變。由迷因驅動的投資正在讓位給對實用和技術創新的關注，特別是在人工智慧與加密貨幣領域。 「賭場文化正在向電腦文化過渡。Meme 幣就像這個時代的NFT，但考慮到可擴展性和互通性方面的所有進步，我們開始看到區塊鏈技術的真正實用性和表現，從人工智能相關的加密貨幣開始，」他說。

This shift signifies a deeper maturation within the industry, moving beyond speculative investments to projects with tangible utility and long-term potential. AI-related cryptocurrencies like Bittensor TAO/USD, Near Protocol NEAR/USD, Fetch FET/USD, and Render RNDR/USD are expected to continue their upward trajectory during this cycle.

這一轉變標誌著產業更加成熟，從投機性投資轉向具有有形效用和長期潛力的項目。與 AI 相關的加密貨幣，如 Bittensor TAO/USD、Near Protocol NEAR/USD、Fetch FET/USD 和 Render RNDR/USD 預計將在此週期中繼續其上升軌跡。

Investment Flow in Crypto Venture Capital

加密創投的投資流程

Both experts highlight the AI-meets-crypto intersection and Layer-2 solutions as sectors experiencing significant funding influxes, underscoring the industry's pivot towards technological sophistication and scalability. Infrastructure projects, especially those centered around zero-knowledge proofs (ZK) and restaking, are also attracting considerable interest and investment.

兩位專家都強調人工智慧與加密技術的交叉和第 2 層解決方案是正在經歷大量資金流入的領域，強調了該行業向技術複雜性和可擴展性的轉變。基礎設施項目，特別是那些以零知識證明（ZK）和重新抵押為中心的項目，也吸引了相當大的興趣和投資。

"Crypto and AI, L2s, infrastructure (especially around restaking), and anything ZK-related are red hot right now. NFTs and GameFi have cooled off a lot compared to previous years, in part because NFT volumes and valuations have trailed the rest of the market during this rebound," according to Schmidt.

「加密貨幣和人工智慧、L2、基礎設施（尤其是在重新抵押方面）以及任何與ZK 相關的東西現在都很熱門。與前幾年相比，NFT 和GameFi 已經降溫很多，部分原因是NFT 的數量和估值落後於其他領域。施密特表示：“市場在這次反彈期間。”

While restaking projects on Ethereum ETH/USD have not yet captured major mindshare among market participants, the launch of EigenLayer could spark interest. Conversely, NFTs and GameFi, once the darlings of the crypto investment world, have experienced a notable decline in funding, reflecting a market realignment towards projects with broader utility and potential for impact beyond collectibles and gaming.

雖然以太坊 ETH/USD 上的重新質押項目尚未引起市場參與者的主要關注，但 EigenLayer 的推出可能會引發興趣。相反，曾經是加密貨幣投資界寵兒的 NFT 和 GameFi 的融資額卻顯著下降，反映出市場正在重新調整，轉向具有更廣泛用途和影響力超越收藏品和遊戲的項目。

Solana SOL/USD had been tipped to become the primary destination for GameFi projects, but investor interest on the blockchain has shifted towards meme coins in 2024. This shift towards more sophisticated market participants and a consensus around funding structures reflects a maturing ecosystem. Schmidt points out the shift towards a more protective investment approach, allowing teams the flexibility to innovate while ensuring investor interests are safeguarded. Iyer emphasizes the growing prioritization of utility in investment decisions, indicating a more deliberate and discerning venture capital environment.

Solana SOL/USD 原本有望成為GameFi 專案的主要目的地，但投資者對區塊鏈的興趣在2024 年已轉向meme 幣。這種向更成熟的市場參與者的轉變以及圍繞融資結構的共識反映了一個成熟的生態系。施密特指出，轉向更具保護性的投資方式，使團隊能夠靈活地進行創新，同時確保投資者的利益得到保障。 Iyer 強調投資決策中效用的重要性日益提高，這表明創投環境更加審慎和挑剔。

Investment Sizes and Valuations

投資規模和估值

Valuations and capital raise sizes exhibit a wide range due to the divergent paths of different sectors and the caliber of project teams. Schmidt notes significant variance, with seed rounds in hot sectors like the AI/crypto intersection reaching valuations upwards of $300 million. Iyer, on the other hand, discusses the unique approach of working with founders from incubation stages, focusing on early engagement and fostering innovation from the ground up.

由於不同產業的路徑和專案團隊的能力不同，估值和融資規模有很大差異。施密特指出了巨大的差異，人工智慧/加密貨幣交叉等熱門領域的種子輪估值高達 3 億美元以上。另一方面，艾耶討論了從孵化階段就與創始人合作的獨特方法，並專注於早期參與並從頭開始促進創新。

"I like working with founders before they have decided they want to start a company. These look like incubations and since we are going in quite early, our typical valuation ranges tend to be quite a bit different than where the market is at a given moment," Iyer says.

「我喜歡在創辦人決定要創辦一家公司之前與他們合作。這些看起來像是孵化，由於我們很早就進入，我們的典型估值範圍往往與特定時刻的市場有很大不同，」艾耶說。

Future of Crypto Venture Capital

加密創投的未來

As the crypto venture capital landscape continues to evolve, these insights form a crucial part of the broader dialogue on digital assets. The upcoming Benzinga's Future of Digital Assets conference on Nov. 19 promises to delve deeper into these trends, offering participants a comprehensive understanding of where venture capital is flowing within the crypto space and the emerging sectors poised for growth.

隨著加密貨幣創投格局的不斷發展，這些見解構成了有關數位資產的更廣泛對話的重要組成部分。即將於 11 月 19 日舉行的 Benzinga 數位資產未來會議預計將深入探討這些趨勢，讓參與者全面了解風險資本在加密貨幣領域的流向以及有望成長的新興產業。