Others might go insular, backing consumer projects that are further disconnected from the broader worlds of crypto but expose users to synthetic economies, wallets and digital goods, an arena served particularly well by crypto-infused games. The question becomes how to put this VC money to work in a bear cycle plenty will take the period of reduced attention to dump into infrastructure and the "picks and shovels" toolsets.
Still, it's a rough time for consumer crypto's core audience though, with recently minted acolytes down bad and many likely discouraged from sinking more time, money or effort into new web3 projects. This is far from ideal for VCs who saw a consumer web dream within grasp, but fortunately they've got some deep pockets thanks to recently raised mega funds with crypto bets as their sole focus. The reality is that the dreams of web3 investors and founders are facing a bit of a jam - a crypto downturn generally means less hype, fewer conversations between friends and generally less organic consumer onboarding to consumer experiences. A weekly dispatch from the desk of TechCrunch crypto editor Lucas Matney:
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