Deep down I fundamentally believe it's a solution searching for a problem. That said, if people want to put money into it, who am I to judge.
That said, IMO crypto as a growth story is largely done. Now that Coinbase has IPOed and the industry consolidated or wiped out (eg. Kraken, FTX, OpenSea), it's not as attractive an industry anymore unless some actual fundamental problems are found that can't be remediated by existing financial infrastructure (legal and illegal).
This is plain hystronics, but regulation is absolutely coming and will only help the larger existing players to consolidate.
Coinbase, FTX, etc have all seen the writing on the wall and are working with regulators on this.
The Wild West days are definetly over now.
If I'd invest in the space, I'd probably look at KYC and AML product opportunties such as Chainalysis, but even that space has consolidated
The magic is finding which subsegments might have even higher margins than others.
Crypto used to have fairly high margins, but all the easy gains have been claimed by larger firms as it's a much more mature industry now, but portions of the ML space still have much more opportunity for growth, so it makes sense to deploy capital there (this is a very high level view so take with a grain of salt - B2C and SMB B2B and Enterprise B2B have entirely different GTM motions and path to profitability).
But at least for me, I can't justify participating in a Series A round for a crypto startup compared to an MLOps startup today.