Which investors are still backing NFTs?

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The NFT investment landscape has matured significantly since the speculative frenzy of 2021, with institutional investors and venture capital firms now focusing on utility-driven applications rather than purely speculative trades.

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Who are the top venture capital firms still actively investing in NFTs in 2024 and 2025?

Andreessen Horowitz (a16z) remains the most prominent venture capital firm actively investing in the NFT space, with continued allocation through its crypto fund including significant positions in OpenAI ($200 million), Anthropic ($150 million), and other AI-integrated platforms that incorporate NFT functionality.

Binance Labs has emerged as one of the most active investors in 2024, consistently backing NFT gaming projects and infrastructure companies across multiple funding rounds. Their portfolio demonstrates particularly strong performance in blockchain gaming and NFT infrastructure, with investments spanning from early-stage startups to established platforms.

Galaxy Ventures continues significant NFT investment activity, managing $7.8 billion in assets under management as of March 2024, with their active funds specifically targeting protocols, scaling solutions, DeFi, gaming, and web3 infrastructure. Pantera Capital, positioning itself as "the first U.S. institutional asset manager focused exclusively on blockchain technology," maintains steady investment in NFT platforms and tokenization projects.

Other notable active investors include Animoca Brands, which has backed multiple gaming and metaverse NFT projects, and Coinbase Ventures, which provides strategic support to founders through operational expertise across protocols, infrastructure, finance, and NFTs. OKX Ventures ranked among the top corporate venture investors in 2024, with particular focus on Web3 and NFT infrastructure development.

Which specific NFT startups have raised significant funding recently and what do they actually do?

Dapper Labs continues to lead NFT startup funding with over $357 million raised to date, including a $305 million Series D round led by Coatue Management in 2021 that valued the company at $7.6 billion. The company operates NBA Top Shot, NFL All Day, and other sports-focused NFT platforms on their proprietary Flow blockchain.

Spatial secured $47.2 million in Series B funding from investors including KB Investment, Farhan Thawar, and Boris Chan. The company operates a free online gaming platform that enables creators to build and share games across multiple devices, expanding into NFT environments for creators and collectors.

Yield Guild Games raised $36.2 million in Series A funding led by Andreessen Horowitz for its play-to-earn NFT gaming platform based in the Philippines. The organization brings players together to earn money from playing NFT games, with members collectively voting on game selection and virtual asset investments.

Mintable secured $13.9 million in Series A funding from investors including Animoca Brands and Block Infinity. The Singapore-based company operates an Ethereum-powered marketplace where users can mint and exchange virtual currency, expanding across multiple blockchains to capture broader market share.

Zora raised $71.1 million in Series C funding from Haun Ventures and Coinbase Ventures for its open-source NFT protocol that enables decentralized NFT creation and trading. Verisart secured $2.97 million in Series A funding from Fabric Ventures and Galaxy Interactive, focusing on NFT authentication and certification services for creators and collectors.

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What are the typical funding amounts and investment terms for NFT startups today?

NFT startup funding has become more selective and structured compared to the speculative period of 2021-2022, with typical early-stage rounds ranging from $2-15 million and later-stage rounds reaching $50-200 million for established platforms.

The average NFT startup funding round decreased from $25 million in early 2024 to approximately $18 million by Q4 2024, reflecting increased investor selectivity and focus on utility-driven applications rather than speculative projects. SAFE (Simple Agreement for Future Equity) and SAFT (Simple Agreement for Future Tokens) instruments have become standard investment vehicles.

The SAFE+T structure has gained particular popularity, offering pro-rata token allocation based on equity ownership alongside traditional equity stakes. This hybrid approach allows investors to participate in both operational company success and potential token appreciation, providing diversified exposure to NFT project upside.

Investment terms now typically include milestone-based funding releases, with investors requiring demonstrated user adoption, revenue generation, or technical development achievements before subsequent funding tranches. Valuation multiples have normalized from peak levels, with early-stage companies typically valued at 5-15x annual recurring revenue compared to 50-100x multiples during the 2021 speculative period.

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Are major tech companies still backing NFT projects in 2024-2025?

Several major technology and entertainment companies have maintained or increased their NFT investments in 2024-2025, though with more strategic focus on utility applications rather than speculative collectibles.

Amazon launched its Digital Marketplace focused on fashion NFTs and blockchain gaming, representing a significant corporate entry into utility-driven NFT applications. Salesforce integrated NFT loyalty programs into its CRM platform, with successful pilots including companies like Mattel and Crown Royal demonstrating enterprise adoption potential.

Starbucks continues operating its successful Starbucks Odyssey NFT program launched in late 2022, which has become a blueprint for other brands implementing customer loyalty and engagement through NFT technology. Nike maintains its commitment through RTFKT Studios, continuing to develop NFT avatar and metaverse experiences integrated with physical product launches.

Meta and Google have reduced direct NFT investments compared to 2022-2023, focusing instead on broader metaverse and Web3 infrastructure that supports NFT functionality. Major gaming companies are increasingly adopting NFTs, with gaming and sports collections accounting for over 70% of NFT activity in Q1 2025, suggesting sustained corporate interest in gaming-integrated NFT applications.

Which countries and regions are seeing the most NFT startup funding activity?

North America dominates NFT investment activity, accounting for over 50% of global NFT market share, with the U.S. market valued at $48.82 billion in 2024 and projected to reach $507.59 billion by 2032 according to market research projections.

The Asia-Pacific region has shown remarkable growth in NFT adoption and funding, with countries like India, Vietnam, Hong Kong, and Singapore holding the top four positions for NFT ownership globally. The Asia-Pacific NFT market is anticipated to generate $170.6 million in revenue by 2025, with particularly strong adoption in Japan and South Korea driven by cultural appreciation for digital collectibles.

Europe is emerging as a key investment destination, supported by the MiCA (Markets in Crypto-Assets) regulatory framework providing clearer guidelines for digital assets and NFT projects. The regulatory clarity has attracted institutional investors who previously avoided the space due to compliance uncertainties.

Singapore has become a major hub for NFT startups, with companies like Mintable securing significant funding rounds and establishing the city-state as a gateway for Asian NFT market expansion. The region benefits from supportive regulatory frameworks and access to both traditional finance and crypto-native capital sources.

What blockchain technologies and NFT infrastructure are currently receiving investor funding?

Layer-2 scaling solutions for Ethereum and other blockchains have attracted substantial investor funding in 2024-2025, with investors focusing on technologies that reduce transaction costs and improve user experience for NFT applications.

Multi-chain expansion has become a major funding theme, with projects like Loaded Lions launching across Kronos, Solana, and Arbitrum to reach new users and reduce gas fees. Cross-chain marketplaces are receiving significant investment as they enable users to browse and buy NFTs across multiple blockchains through unified interfaces.

AI integration with NFT platforms is attracting considerable funding, with investors backing platforms that develop AI-generated NFTs, intelligent curation systems, and automated authenticity verification. Real-world asset (RWA) tokenization infrastructure is emerging as a key growth area, with investment flowing into platforms that tokenize physical assets like real estate, precious metals, and collectibles.

Flow blockchain, developed by Dapper Labs, continues to receive investment for its consumer-friendly approach to NFT applications, while Solana has gained significant traction for NFT projects due to lower transaction costs and faster processing speeds compared to Ethereum mainnet.

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Which NFT use cases are investors focusing on most in 2024-2025?

Gaming and entertainment applications dominate investor focus, with gaming and sports collections accounting for over 70% of NFT activity in Q1 2025, representing a shift from profile picture collectibles to utility-driven applications.

Enterprise and B2B NFT applications are receiving increasing attention from institutional investors, with companies like Salesforce successfully implementing NFT loyalty programs and authentication systems for corporate clients. Authentication and certification use cases, exemplified by companies like Verisart, are attracting funding for their ability to verify artwork authenticity and ownership provenance.

Real-world asset tokenization has emerged as a significant investment theme, with projects tokenizing commercial real estate, fine art, and other physical assets receiving substantial funding rounds. This application addresses traditional finance integration with blockchain technology, attracting institutional investors comfortable with asset-backed investments.

Ticketing and event management NFT applications are gaining investor interest due to their utility in preventing fraud and enabling secondary market control for event organizers. Music rights and royalty distribution through NFTs are attracting funding as they provide creators with direct monetization mechanisms and transparent revenue sharing.

How much total capital was invested in NFT startups globally in 2024-2025?

The NFT sector raised approximately $19.6 billion across 3,516 deals in 2024, with estimated total funding including undisclosed rounds reaching $30 billion according to industry tracking data.

This represents a 51% increase from 2023's levels, driven by early-year market optimism following Bitcoin ETF approvals and increased institutional interest in crypto assets. However, Q1 2025 trading volume reached $30 billion with 11.64 million global NFT users, though average revenue per user decreased from $162.10 to $59, indicating broader market accessibility rather than pure speculation.

For 2025, the global NFT market is projected to reach $608.6 million in revenue according to Statista projections, with expectations of continued growth driven by utility-focused applications rather than speculative trading. Gaming and blockchain-integrated applications are expected to drive the majority of this revenue growth.

Regional funding distribution shows North America capturing approximately 60% of total investment, Asia-Pacific 25%, Europe 10%, and other regions 5%. The funding concentration reflects regulatory clarity in developed markets and established venture capital ecosystem presence in major financial centers.

Who are the repeat investors showing confidence in NFTs despite market volatility?

Crypto-native funds have demonstrated the most consistent investment behavior, with entities like Strobe Ventures (spun out from BlockTower) raising $100 million specifically for early-stage crypto investments including NFTs, and Phosphor Capital raising $34 million across two funds focused on Y Combinator crypto startups.

Andreessen Horowitz has remained the most consistent repeat investor, maintaining significant allocations to NFT infrastructure and applications through multiple market cycles. Their continued investment in companies like OpenAI, Anthropic, and other AI-integrated platforms demonstrates sustained confidence in NFT-adjacent technologies.

Galaxy Ventures has consistently deployed capital across NFT infrastructure, gaming, and web3 applications, with their $7.8 billion assets under management providing stable funding source for portfolio companies through multiple funding rounds. Coinbase Ventures has maintained steady investment activity, leveraging operational expertise to support portfolio company development.

Institutional investors showing repeat confidence include pension funds and hedge funds, with nearly half (47%) of traditional hedge funds now having exposure to digital assets, up from 29% in 2022. However, most institutional NFT investment remains indirect through broader crypto allocations rather than dedicated NFT-focused investments.

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What are the prospects for NFT investment in 2026 and beyond?

The NFT investment landscape is expected to stabilize around utility-driven applications rather than speculative trading, with the global NFT market projected to reach $703.47 billion by 2034 at a CAGR of 34.53% from 2025-2034 according to market research firms.

Gaming and metaverse applications are expected to drive the next wave of NFT adoption and investment, with Web3 gaming being closely watched as a potential catalyst for market recovery and mainstream adoption. Enterprise and B2B NFT applications are anticipated to see the strongest growth, with corporate adoption driving sustainable revenue models.

Regulatory clarity, particularly in the U.S. following potential SEC policy changes, is expected to unlock institutional capital that has remained on the sidelines due to compliance uncertainties. European markets may see accelerated growth due to the MiCA framework providing clear operational guidelines for NFT businesses.

Investment is expected to shift toward infrastructure and tooling companies that enable NFT integration across traditional industries, with total sector investment potentially reaching $40-50 billion annually by 2026 if current growth trends continue and regulatory frameworks stabilize. The forecast suggests a bifurcated market where utility-focused NFT projects receive substantial investment while speculative PFP projects struggle to attract capital.

Are NFT infrastructure companies receiving fresh funding and who's backing them?

NFT infrastructure companies are receiving substantial funding from both crypto-native and traditional venture capital firms, with particular focus on companies that solve scalability, interoperability, and user experience challenges.

Wallet and custody infrastructure companies are attracting significant investment, with investors recognizing the need for institutional-grade security and user-friendly interfaces to enable mainstream NFT adoption. Analytics platforms that provide market intelligence, pricing data, and collection tracking are receiving funding from data-focused investors.

Developer tools and API providers are capturing investor attention, with companies that simplify NFT integration for traditional applications and websites receiving multi-million dollar funding rounds. Marketplace infrastructure providers that enable white-label NFT marketplace creation are attracting investment from enterprise-focused venture capital firms.

Cross-chain bridge technologies and interoperability solutions are receiving funding to address the fragmented nature of NFT ecosystems across different blockchains. Authentication and verification infrastructure companies are attracting investment for their role in preventing fraud and ensuring NFT authenticity, which is crucial for institutional adoption and regulatory compliance.

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Conclusion

Sources

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3. Top 10 Nft Investors in 2025
4. NFT Companies - Top 9 NFT Startups in 2025
5. 50 Blockchain & Crypto VC Funds List in 2025
6. These 11 Charts Show The State Of Startup Investing At The Beginning Of 2025
7. The biggest US tech funding rounds of 2024: Which startups raised the most?
8. Startup Funding Regained Its Footing In 2024 As AI Became The Star Of The Show
9. Andreessen Horowitz Invests in New Meta4 NFT Fund
10. Andreessen Horowitz (a16z) Overview
11. Dapper Labs, creators of NBA Top Shot, get $305M in funding
12. The SEC investigated NBA Top Shot developer Dapper Labs, but decided to close case in September
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15. NFT - Worldwide | Statista Market Forecast
16. NFT Collectibles Market 2025: Future Trends, Expert Predictions, and Investment Insights
17. NFT Sales Hit $8.8 Billion in 2024, Despite Mixed Market Trends
18. 45+ NFT Stats You Should Know About in 2025
19. Non-Fungible Token (NFT) Market Growth Analysis - Size and Forecast 2025-2029
20. Non-fungible Token Market Size To Reach $211.7Bn By 2030