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“Infrastructure deals typically hold up well in crypto winter because they usually take longer to build the projects and also require much more talent, which is cheaper now,” said Gao. “On the other end of the barbell, we see that consumer apps, specifically gaming, continue to make up a large portion of our portfolio,” he continued. “People play more games in bear markets and, more importantly, tokenomics and digital assets fit nicely into a well-designed game.”
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