Speaking to a large (>$500M AUM) VC yesterday who is bearish on web3 consumer (gamefi, socialfi) in this market. Strong preference for infrastructure and middleware.

Who strongly agrees/disagrees?

Jazzed about web3 🎷 

Building web3 mobile gaming (Unite, Superlayer)

Programming, philosophy, history, internet, startups, crypto.

Investor: a16zcrypto.com

Author: readwriteown.com

Makes sense. Very different liquidity profile. Good characterization of this VC. 

Long live consumer web3!

A lot of what’s called VC today is basically private hedge fund investing - based primarily on quantifiable, well-understood metrics.

BD at Circle - building a Dollar API for the internet 💵

Former founder and operator at Snap
  
sterling_twit.twitter

T.me/sterlingba 

Agreed, different strategies.

Which VCs are especially bullish on consumer?

Depends on the VC tbh. Some focus more on picks and shovels. Others prefer media / consumer plays. 

You gravitate toward what you know as a builder, I think it’s the same as a VC.

Investing @ Steel DAO | VP @ Graph Paper Capital & Mindfulness Capital | Scout @ Alliance DAO. https://nf.td/st100

Rationale was the sector isn't mature enough to given them confidence it would survive the bear market. I think that's overly conservative.

Why are they bearish on gamefi?  Gamers are still going to play games despite what’s going on in the markets.

they’re looking for one exit to return entire fund. crypto biz models leaning to value creation, long term rental contract-esque cashflows. imo former will be pretty rare in few yrs. good ole post:

https://variant.fund/articles/cryptos-business-model-is-familiar-what-isnt-is/

Boils down to whether or not those businesses solve a real customer need or desire. It will be hard for ponzi-type businesses that rely on new money coming in to drive engagement.