The Block：加密VC们如何看待2024年加密投资前景？

Odaily星球日报Published on 2023-12-27Last updated on 2023-12-27

Abstract

牛市将「全面开启」，DePIN、DeSci、人工智能与加密领域的结合等将获得更多投资

原文标题：Coinbase, Galaxy, Polygon, Multicoin, and other top crypto VCs share their 2024 funding outlook 

原文作者：Yogita Khatri，The Block 

原文编译：Sharon，BlockBeats

编者按：今日，The Block 采访了 8 家加密 VC 对 2024 年的投资前景的看法，其中包括 Coinbase Ventures、Galaxy Ventures、Animoca Brands、Shima Capital、HashKey Capital、Multicoin Capital、Polygon Ventures、NGC Ventures。这 8 家 VC 中有 6 家对 2024 年的投资前景持坚定的乐观态度，同时认为 2024 年在 DePIN、DeSci 等赛道，以及人工智能与加密货币结合的领域会吸引到更多融资。BlockBeats 将原文编译如下：

2023 年加密货币领域的融资金额相较前一年下降了 68% ，仅为 106 亿美元。然而，顶级加密货币风险投资家对 2024 年的前景主要持乐观态度。

2023 年，加密货币融资领域面临重大挑战，总投资额骤降 68% ，降至 106 亿美元。这一急剧下降与 2022 年记录的 332 亿美元总投资形成鲜明对比，也是自 2020 年以来的最低点。

导致这一下降的多个因素包括历史高利率、人工智能的迅速扩张分散了人们对加密货币的关注、监管打压以及 FTX、Celsius 和 BlockFi 等知名加密货币平台崩溃的后果。

2024 年加密货币融资前景如何？我们联系了较为活跃的前 20 家加密货币风险投资公司发现，当前的普遍情绪比较乐观。

Coinbase Ventures：充满光明的 2024 年

加密货币交易所 Coinbase 旗下的风险投资部门在 2023 年困难时期持续投资，并对未来「越来越乐观」。

Coinbase Ventures 的一位发言人称：「我们认为，推动法规明晰（主要是在美国之外）、协议基础设施的成熟、机构参与以及用户参与链上产品的创新，这四个因素的交汇为 2024 年的光明前景做好了铺垫。」

「我们的承诺是全球的，我们保持坚定，同时我们预计在 2024 年将加大活动力度。」

Coinbase Ventures 将继续投资于加速将下一个 10 亿用户引入链上的领域，包括加密基础设施和社交、游戏等消费者应用，同时也看到了人工智能和加密货币的交叉点上的机会。

该公司还将寻求通过 Base 生态基金扩大对在 Base 上构建的团队的支持。

Galaxy Ventures： 2024 年将充满挑战且平淡

亿万富翁投资者迈克·诺沃格拉茨（Mike Novogratz）旗下 Galaxy 的风险投资部门保持警惕，但致力于投资早期项目。

Galaxy Ventures 的普通合伙人迈克·詹帕巴（Mike Giampapa）认为：「我们预计加密货币风险投资环境仍将具有挑战性。即使是成功的企业和初创公司也可能不得不以持平或折价融资的方式筹集资金。」

詹帕巴表示，有限合伙人社区「继续过度关注非流动性投资」，因此进入风险投资领域的新资本「更受限制」，融资环境预计将「在利率保持升高的情况下保持平淡」。但他也指出，随着行业整合的可能性增加，大公司可能会与小公司进行并购交易。

与此同时，詹帕巴表示，具有可持续商业模式和已经证明产品市场适应性的初创公司，例如 blockspace 和稳定币，将在 2024 年获得更多投资：「Blockspace 是一种引人注目且相对新的产品，已经实现了产品市场适应性。由于应用程序、开发人才、资本和用户的联合效应，消费者愿意为每笔交易支付更多费用。」

而他指出，在稳定币方面，就向链上资产代币化的长期转变而言，市场正处于「冰山一角」：「我们看到许多新资产类别被引入链上的机会，供企业对企业和企业对消费者的应用将这些新金融产品嵌入到其现有产品中，并为一组新的基础设施公司提供机会，以便开发人员推动采用。」

Animoca Brands：非常乐观

总部位于香港的 Animoca Brands 的联合创始人兼执行主席 Yat Siu 表示，公司对 2024 年的加密货币融资环境「非常乐观」，并预计将有「更为健康」的发展。

Yat Siu 表示，随着加密市场的反弹，「势头发生了转变，这可能标志着加密市场的新牛市周期的开始。」

根据 Siu 的说法，带有 web3 组件的游戏和人工智能可能会在 2024 年吸引更多投资：「Web3 游戏即将加速发展，尤其是在亚洲和中东地区，欧洲也表现出了相当大的兴趣。另一方面，游戏中的人工智能将创造更引人入胜和灵活响应的体验，例如增加 NPC 的复杂性和深度，以及增强内容创作和资产生成。」

Shima Capital：加密领域仍处于早期阶段

专注于项目早期阶段的投资者 Shima Capital 的游戏主管亚历克斯·韦斯特曼（Alex Wettermann）指出，对 2024 年的加密货币融资持「谨慎乐观」态度。他预计基础设施、游戏和数字化垂直领域将在未来一年内获得更多投资。

韦斯特曼表示：「我们在这个领域保持极度活跃的态度——我们与投资组合公司合作，深入研究，与新公司交流。这对我们来说是一如往常的事情，因为我们坚信在一个日益数字化、游戏化和代币化的世界中，我们仍处于加密领域的早期阶段。」

HashKey Capital：未来「看涨」加密货币市场

总部位于亚洲的加密风险投资公司 HashKey Capital 的投资合伙人 Xiao Xiao 表示，预计明年将迎来「牛市」。

Xiao 表示，HashKey 将积极寻找新的投资机会，包括「流动性投资」。该公司还计划将其资产管理业务扩展到新市场，并推出适应不同投资偏好的多样化基金。

Multicoin Capital：人工智能领域的加密行业机会巨大

Multicoin Capital 的管理合伙人凯尔·萨马尼（Kyle Samani）和图沙尔·然（Tushar Jain）对 2024 年依然持乐观态度，特别是考虑到 Solana 生态系统最近的发展势头。萨马尼还认为，加密行业在人工智能革命中有「巨大的机会」：「具体而言，现在的 GPU（图形处理单元）严重短缺，对这些资源的争夺将呈指数级增长。」此外他还并补充表示，加密行业启用的计算市场和专业云服务提供商有机会填补这一差距。

萨马尼表示：「通过代币激励的强化学习产品是另一个巨大的机会。模型需要由人类进行培训以传递知识。加密网络是组织和激励全球各地的人们为共同模型做出贡献的绝佳工具。」

至于图沙尔·然，他预计在 2024 年将涌现「全新的 neobanks、DeFi 原语、支付应用、进出应用和 DEX」，以填补在 2023 年被清零的中心化借贷平台和交易所留下的空白。图沙尔·然表示：「这些产品将优于以前的 DeFi 项目，并且将与托管提供商的用户体验相媲美。」

Polygon Ventures：看好 Web3 创新和采用

Polygon Ventures 的首席负责人阿布舍克· 萨克塞纳（Abhishek Saxena）表示：「Web3 融资可能已经见底，新的一年将吸引更多投资。一个积极的迹象是，即使在熊市中我们仍然看到了强劲的开发者活动，这表明基础构建仍然在持续进行。」

他预计资金将流向面向消费者的用例，包括社交、金融服务和娱乐等领域重新回升，新的赛道领导者可能会涌现。他还表示，代币化垂直领域应该会在未来一年吸引更强大的机构投资：「虽然 2023 年是在幕后建设的一年，但我对 Web3 的创新和采用在 2024 年再次加速感到乐观，」

NGC Ventures：牛市将全面开启

总部位于亚洲的 NGC Ventures 的三位总合伙人对 2024 年的加密市场和风险投资仍然持乐观态度。

NGC 的罗杰·利姆（Roger Lim）表示，他更喜欢人工智能和加密货币、比特币 L2、模块化和零知识技术等垂直领域。

该公司的 Wayne Zhu 则表示，他正在关注「基于 intent 的协议」，因为它们有望提高用户体验，更有效地管理 Gas 费用和滑点，并提高可组合性以吸引更多用户。

与此同时，NGC 的 Tony Gu 表示，他关注两个垂直领域：DePIN（去中心化物理基础设施网络）和 DeSci（去中心化科学）。Gu 表示：「DePIN 作为面向消费者的应用层，具有推动大规模采纳的潜力。」

他指出：「我们已经看到了一些有趣的 DAO 的出现，但据我们所知，尚未开发的领域是去中心化资助开源项目的努力。我认为这方面有很大的潜力，特别是与人工智能结合，例如与去中心化机器学习模型结合。」

总体而言，NGC Ventures 预计 2024 年「牛市将全面开启」，但却「不确定它可能会持续多久。」

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