Notwithstanding the current market drop, the cryptocurrency industry has raised funds worth $30.3 billion. According to a recent report, the funds received have outperformed the fundraising event in 2021. The report released on August 2, $30.3 billion were raised in nonfungible tokens (NFTs), centralized finance (CeFi), and decentralized finance (DeFi) collectively. It took 1199 funding rounds as the crypto fundraising hits $30.3B in H1.
The funds gathered within six months surpassed that raised throughout 2011, which took 1313 rounds, amounting to $30.2 billion. Over one-third of the entire funds gathered went into the CeFi industry, amounting to $10.2 billion.
Nevertheless, the NFTs and the infrastructure sector also received a higher amount. In addition, the DeFi investment followed a $1.8 billion raised during the period. However, the same cannot be said of Doodles. The Doodles NFT Sales Fall $100 Million, Testing 2022 Low amidst speculation of a fall in the crypto market.
Crypto exchanges were the primary target for most of the CeFi investments. Recall that the CeFi funding raised $3.2 billion. Market makers, payment services, and banking businesses took the second spot. Furthermore, the NFT sector and Web3 industry raised $8.6 billion within six months, with gaming-related NFTs taking a more significant part of the investment. Among the prominent NFT-based crypto games are Galaxy Fight Club, Axie Infinity, Gods Unchained, and CryptoKitties.
A recent PWC hedge fund report shows that 38% of hedge funds are investing in digital assets. This is an increase of 21% from the previous year’s investment. John Garvey, PWC Global Financial Services leader, indicated that hedge fund managers are using crypto ever more to have an adventure over their competitors.
In his statement, “It’s the search for alpha. Everyone is always looking for an angle in… so how are you going to beat the benchmarks? You have to try something different and new, and unorthodox. “