Everyone thinks infra dominated early Web3 fundraising.

Big names. Big rounds. Big noise.

But the data tells a different story.

From 2018 to 2020, consumer projects made up the majority of funded deals: marketplaces, exchanges, wallets, games.

So why did infra feel like the main event?

In this short clip, we unpack the real numbers behind the infra vs consumer narrative in Web3, and how the tides have shifted in recent years.

The truth might surprise you.