In his post, Chang noted that venture capital money poured into the crypto industry in 2021, and the focus was on the so-called application layer of Web3, or decentralized applications (dapps) that helped onboard users into areas such as non-fungible tokens (NFTs) and decentralized finance (DeFi). As the bull market gave way to the bear, crypto infrastructure was found wanting.
Source: https://www.coindesk.com/web3/2023/05/24/dispersion-capital-opens-40m-fund-for-web3-infrastructure/?utm_medium=referral&utm_source=rss&utm_campaign=headlines