Ironically, crypto VCs are sitting on a lot of dry powder and the narrative is much stronger (WEB3! METAVERSE!) since it is completely detached from reality. I

Ironically, crypto VCs are sitting on a lot of dry powder and the narrative is much stronger (WEB3! METAVERSE!) since it is completely detached from reality. In situations like these where the wealthy still have a ton of money, it is far better to be in a business that a) the wealthy don't understand, and b) is so outlandish that you can't assign a hard value to it. If you make $1 in profit, then investors can assign it a hard value (10-15x ARR). If you make $0 in profit, then investors can spin up narratives about your "potential".