Venture capital funds poured a record of $30 billion — more than every other year combined — into crypto investments in 2021, major reports shows.
The figure invested was nearly four-times the 2018 record of about $8 billion, in part thanks to investors funding “anything and everything” in crypto.
Much of that fundraising — about $7.2 billion — came from US venture capital, according to the report.
Axie Infinity-owner Sky Mavis, for example, raised $150 million at a $3 billion valuation in a funding round led by venture firm Andreessen Horowitz.
Axie Infinity, an ethereum-based play-t0-earn game, has been generating hundreds of millions of dollars in revenue as players have sought to make money in crypto video games.