加密货币风险投资格局发生转变：实用程序和技术创新成为焦点

加密货币风险投资格局正在发生显着转变，明显关注吸引最多资金的特定行业。人工智能相关的加密货币和Layer-2解决方案已成为热门投资领域，反映出行业越来越重视技术创新和可扩展性。相反，之前非常受欢迎的 NFT 和 GameFi 经历了资金下降，这表明市场正在转向具有更广泛实用性和潜力的项目，这些项目不仅限于收藏品和游戏，而且具有更广泛的影响力。这种转变标志着加密货币行业更加成熟，从投机投资转向具有有形效用和长期潜力的项目。

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

加密货币风险投资格局的转变：关注实用性和技术创新

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.

加密货币风险投资领域正在经历重大转型，重点明显转向吸引大部分资金的特定行业。 Benzinga 与加密货币风险投资家进行了讨论，揭示了一个新的重点，突出了该行业不断变化的优先事项。

Rebound in Crypto VC Funding

加密货币风险投资资金反弹

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 狂热和普遍 NFT 炒作的时代已经过去。投资者现在优先考虑提供现实实用性和长期潜力的项目。风险投资公司 Dragonfly 的普通合伙人汤姆·施密特 (Tom Schmidt) 将 2024 年初的风险投资格局描述为即将起飞的前兆，并指出私人估值逐步但充满希望的增长。这种谨慎的乐观态度体现在传统风险投资和交叉基金逐渐重新参与加密货币领域。施密特预计，随着规模较大的参与者重新加入竞争，加密货币市场格局将变得更加充满活力和更具机构吸引力，从而推动风险投资兴趣的激增以及对新领域的关注。

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 的执行合伙人阿南德·艾耶 (Anand Iyer) 将这种复兴视为文化演变。由模因驱动的投资正在让位于对实用和技术创新的关注，特别是在人工智能与加密货币领域。 “赌场文化正在向计算机文化过渡。Meme 币就像这个时代的 NFT，但考虑到可扩展性和互操作性方面的所有进步，我们开始看到区块链技术的真正实用性和表现，从人工智能相关的加密货币开始，”他说。

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.

这一转变标志着行业更加成熟，从投机性投资转向具有有形效用和长期潜力的项目。与 AI 相关的加密货币，如 Bittensor TAO/USD、Near Protocol NEAR/USD、Fetch FET/USD 和 Render RNDR/USD 预计将在此周期中继续其上升轨迹。

Investment Flow in Crypto Venture Capital

加密风险投资的投资流程

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.

两位专家都强调人工智能与加密技术的交叉和第 2 层解决方案是正在经历大量资金流入的领域，强调了该行业向技术复杂性和可扩展性的转变。基础设施项目，特别是那些以零知识证明（ZK）和重新抵押为中心的项目，也吸引了相当大的兴趣和投资。

"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.

“加密货币和人工智能、L2、基础设施（尤其是在重新抵押方面）以及任何与 ZK 相关的东西现在都很热门。与前几年相比，NFT 和 GameFi 已经降温很多，部分原因是 NFT 的数量和估值落后于其他领域。施密特表示：“市场在这次反弹期间。”

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.

虽然以太坊 ETH/USD 上的重新质押项目尚未引起市场参与者的主要关注，但 EigenLayer 的推出可能会引发兴趣。相反，曾经是加密货币投资界宠儿的 NFT 和 GameFi 的融资额却显着下降，反映出市场正在重新调整，转向具有更广泛用途和影响力超越收藏品和游戏的项目。

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 原本有望成为 GameFi 项目的主要目的地，但投资者对区块链的兴趣在 2024 年已转向 meme 币。这种向更成熟的市场参与者的转变以及围绕融资结构的共识反映了一个成熟的生态系统。施密特指出，转向更具保护性的投资方式，使团队能够灵活地进行创新，同时确保投资者的利益得到保障。 Iyer 强调投资决策中效用的重要性日益提高，这表明风险投资环境更加审慎和挑剔。

Investment Sizes and Valuations

投资规模和估值

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.

由于不同行业的路径和项目团队的能力不同，估值和融资规模存在很大差异。施密特指出了巨大的差异，人工智能/加密货币交叉等热门领域的种子轮估值高达 3 亿美元以上。另一方面，艾耶讨论了从孵化阶段就与创始人合作的独特方法，注重早期参与并从头开始促进创新。

"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.

“我喜欢在创始人决定要创办一家公司之前与他们合作。这些看起来像是孵化，由于我们很早就进入，我们的典型估值范围往往与特定时刻的市场有很大不同，”艾耶说。

Future of Crypto Venture Capital

加密风险投资的未来

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.

随着加密货币风险投资格局的不断发展，这些见解构成了有关数字资产的更广泛对话的重要组成部分。即将于 11 月 19 日举行的 Benzinga 数字资产未来会议有望深入探讨这些趋势，让参与者全面了解风险资本在加密货币领域的流向以及有望增长的新兴行业。