There is a pile of money. A picture of Jakub Porzycki/Nur Photo.
A picture of Jakub Porzycki/Nur Photo.
The amount of venture capital funds that poured into the space in a single year was $30 billion.
The report said that the sky-high number is four times the previous record of $8 billion, due to investors funding "anything and everything" in the digital currency.
According to the report, about $7.2 billion came from US venture capital. The data was not responded to by PitchBook.
Sky Mavis raised $150 million at a $3 billion valuation in a funding round. Axie Infinity is a game that has generated hundreds of millions of dollars in revenue as players try to make money in video games.
The non-fungible token platform behind the NBA TopShot and the NBAKitties raised $305 million in March with the help of basketball superstars Michael Jordan and Kevin Durant. In November, MoonPay scored a $3.4 billion valuation after raising more than half a billion dollars with the help of Tiger Global Management and Coatue.
This year has seen the growth of the industry that is just over a decade old. The top two cryptocurrencies by market cap reached record highs. According to research from Cointelegraph, the market for NFTs is set to hit a record $17.7 billion by the end of the year. The metaverse has been gaining steam since Facebook's parent company changed its name to Meta.
Business Insider has an original article.
